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Property PredictR
 
A Smart Approach to Better Pricing and Underwriting Decisions

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About Fair Isaac

 

Stage 1: Property Inspection Services

Physical property inspection remains the primary source of risk management information gathered for Millennium clients. Millennium’s qualified and experienced inspectors measure, diagram, and photograph all structures on the property and identify and photograph every potentially hazardous or maintenance condition.

Our products cover the spectrum of home styles and values, even if your properties are in gated communities or weather-vulnerable coastal locales. Our experienced national field force is fully integrated with our platform, ensuring a quality product in a timely fashion. More than 95 percent of all inspections are processed within 30 days.

Millennium's Standard inspection service is designed for inspections of average dwellings with up to four family units. The inspection features a detailed, exterior-only examination of the property and provides replacement cost calculations, key photos of the property, and detailed documentation of potential hazards.

Mid-value inspections are designed for inspections of dwellings with higher than average values but where a full high-value inspection may not be necessary to determine an accurate replacement cost. They include a detailed exterior inspection, data and photos of key custom and upgraded interior features, and potential liability and hazard concerns.

High-value inspections are designed for properties that require a thorough high-value inspection to determine an accurate replacement cost. They feature an exhaustive interior and exterior inspection with photos.


Stage 2: Versatile Data Capture

Millennium's automated, Internet-based field data collection process provides the following advantages:

  • More than 100 home characteristics captured. This quality data can be used to develop accurate pricing models and is easily available for your analytic underwriting and product teams.
  • Outstanding Data Quality. Hundreds of validations have been programmed into our data collection tool, thereby eliminating all calculation and omission errors from the inspector.
  • Real-time access to open and closed orders. Allows underwriting to respond to agent inquiries.

Stage 3: Qualification & Validation

We take all the worry out of data qualification and validation. Our data capture tools have integrated validation rules that prevent incomplete and incorrect data from being processed.

In addition to the online validation, our quality review team audits our field force to ensure that customer requirements are being followed.

The data collected is integrated into leading replacement cost methodologies.


Stage 4: Dynamic Risk Assessment

Millennium's Automated Property System (MAPS™) is our data warehouse and data mining platform for all product offerings.

MAPS enables instant access to information such as replacement costs, diagrams of a property, digital photos, hazards, supplements, notification letters, underwriting notes and decisions and various reports through a secure password-protected website.

More than 300 underwriting referrals are available to clients, tailored to address specific insurance to value, wind exposures, general condition and hazard concerns.

Our Stack Logic process applies pre-set criteria to categorize and prioritize inspections for underwriting. Each user can establish its own referral logic to reduce the number of inspections reviewed.

For example, if the replacement cost is 95 percent of Coverage A and no condition issues exist, then no underwriting may be required.

Multiple enhanced data analysis and processing tools available to clients including sophisticated photo editor, easy annotation features, automated inspection assignment to underwriters and instant access to PDF files of individual inspections for agents and underwriters.


Stage 5: Advanced Data Analytics

MAPS provides access to Property PredictR®, the only statistically-developed model based on property inspection data.

This risk scoring mechanism enables more informed decision-making regarding the acceptability of properties on new and renewal homeowners insurance business.

Property PredictR was developed using FICO's cutting-edge analytics and Millennium's unsurpassed property inspection database, and is unlike any other solution available today for the property and casualty insurance market. It truly is the next generation in property risk assessment.

Analytics Before the Inspection Process

And even before MAPS comes into play, Millennium is able to offer some of the power of PredictR in its latest offering,

PrePredictRSM Score, which was also developed by FICO and is designed to help an insurer more effectively segment property risks at the point of application for more objective and consistent underwriting and pricing decisions. PrePredictR Score utilizes a sub-set of Property PredictR risk variables that can be collected during the application process. The PrePredictR Score is then validated by the inspection and associated PredictR Score. PrePredictR Scores can be integrated into your pricing models so you can offer your best pricing tiers at point of sale while profitably growing your business.

Click here for more analytics product info.


Stage 6: Comprehensive Data Management

MAPS is one of the industry's most powerful data warehousing and data mining tools, enabling:

  • Flexible data extraction formats, such as Excel, PDF and email
  • Integration with enterprise data management applications, such as ImageRight
  • Data mining of key performance attributes, such as property characteristics, agent information and inspection results
  • Customizable dashboard with user-defined work queues
  • Ad hoc querying tools enable clients to quickly build custom reports using agency, regions, zip code or other data points to identify current or historic company trends
  • Customized reports for agency, product management, underwriting productivity, risk management and portfolio management

In addition, Millennium stores property inspection data for at least ten years, eliminating the need for paper reports and physical photos.

This offers long-term savings by eliminating costs associated with routing, managing, filing and storing paper reports.

MAPS will create special reports for the client using information the client has stored and wants to compare to information Millennium has stored.