Product Highlights
 Writing the right policy at the right price takes a thorough understanding
of the amount of risk a property represents. Until now, gaining that
level of understanding required manually reviewing each property inspection
report, an expensive and time-consuming process. Property PredictR™ -
a Fair Isaac® Insurance Score available from Millennium Information
Services helps you increase the accuracy and profitability of your underwriting
decisions, while at the same time improving efficiency and lowering underwriting
costs.
Bringing advanced analytics to property insurance underwriting
Property PredictR is the first statistically developed model based
on property inspection data. The score gives personal lines property
insurance
providers an objective, consistent assessment of property risk. By leveraging
Millennium’s comprehensive property inspection database, the score
is calculated from data gathered and verified during the property inspection
process, including replacement cost information. The scoring model contains
numerous characteristics, such as site access, number of minor/major
conditions, dog indicator, and many other key attributes. These attributes
are appropriately weighted and added together to produce a score that
rank-orders applicants and policyholders by their expected loss ratio
relativity. By quickly providing a more accurate view of property risk,
the score gives you the ability to efficiently make decisions in a number
of different areas, including accepting or declining the policy, setting
an appropriate coverage amount, determining the right pricing tier, and
guiding cross-sell and up-sell decisions.
The Property PredictR model was designed by Fair Isaac, the leading
producer of scores and models for predicting consumer behavior. Fair
Isaac analytics
have powered decisions for more than 400 personal lines insurers in
North America and Europe, including 80% of the top US personal lines
insurers,
9 out of the 10 largest P&C insurance carriers and more than half
of all US state workers’ compensation funds.
Streamlining the decision-making process
Property PredictR is delivered to insurers via Millennium’s
Automated Property System (MAPS™), a platform for new, renewal and re-underwriting
property inspection processing.
The MAPS system manages all aspects of property insurance-to-value
processes, from
distributing and managing inspection orders in the field, to providing
replacement cost
calculations, detailed underwriting analysis and rules-based referrals.
The MAPS
platform allows for seamless integration of third party data (such
as credit or historical
loss information), and provides a number of output packaging options,
including electronic forms imaging and archiving. MAPS stores and categorizes
inspection
data that the client can access via a secure internet site. Client
access features include:
- Millennium’s StackLogic™, giving you the ability
to establish your own automated referral logic to reduce the number
of inspections
reviewed
- Data mining for standardized and customized reporting
by agency, region, zip code, county or any of the numerous options
available to identify
current or historic company trends
- Data warehousing of the information collected during inspection,
including a property sketch, digital photos of the property and identified
hazards,
and replacement cost data. Property PredictR works within MAPS to
supplement insurers’ internal rules, expediting the underwriting
process and opening opportunities for automated underwriting decisioning.
To learn more about Property PredictR, contact your Fair Isaac or
Millennium Information Services representative.
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