TECHNOLOGY DEVELOPMENTS DRIVE MORE ACCURATE UNDERWRITING One of the key advantages of utilizing new technologies in insurance is its ability to personalize policy pricing for rental properties. With the rising inflation and weather-related claims, innovative insurance companies are now applying data and AI tools to customize insurance limits and deductibles. This practice helps to provide adequate limits and right-fit deductibles that benefit those risks that are less prone to hail losses, for example. PERSONALIZED POLICY PRICING
AI also empowers underwriters with predictive analytics capabilities. By applying machine learning algorithms, AI systems analyze data to make predictions, such as risk assessment about future rental property performance.
MORE DATA ACCESS FOR ACCURACY
By automating data analysis, these emerging technologies can process large volumes of data from various sources, such as property listing sites like Zillow, map services like Google Maps, historical rental data, and other market trend reports.
VIRTUAL INSPECTIONS FOR FASTER QUOTES
Virtual inspections are another technological advancement that helps speed up the underwriting process. Instead of having to wait for manual inspections, customers can now quickly complete this process by using their phones and uploading pictures into inspection apps. Drones and satellites can also be used for images of the roof and the property exterior.
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