In the insurance industry, risk is defined as “the possibility of loss.” There is no risk if there’s no possibility of loss. Conversely, if loss is a certainty then, again, there is no risk. Risk cannot always be measured, and because the cost of insurance is determined by an expected loss, if a risk can’t […]
Month: November 2020
Evolving Technologies Improving Residential Inspections for Insurers and Insureds
Having a residential inspection done has long been part and parcel of the homeowner’s insurance policy underwriting process. The past few years have seen significant improvements in the way these inspections are being done, leading to higher efficiency and more cost effectiveness. Major drivers responsible for these improvements include: Advancements in inspection technologies such as […]
How Insurance Risk Determines Policy Underwriting
As a property insurer, your dual purpose is to provide your clients with the coverage they need to protect their property and to do it at a cost that fits within their budgets. To do this, an important part of the underwriting process is a comprehensive property inspection to determine the nature of the insurance […]
Inspection Technology is Changing the Way Inspections are Done
Residential and commercial insurance inspections have typically been a time-consuming, data-driven process that required a boots-on-the-ground approach to uncover the information needed to provide an accurate insurance risk assessment. Inspections are a critical part of the insurance underwriting process and recently developing inspection technology continues to help this process evolve into something that’s more accurate, […]
