LexisNexis® Rooftop Gives Birds-Eye View of Roof Risk

Rhea-AI Summary

LexisNexis Risk Solutions has launched LexisNexis Rooftop, a cutting-edge risk assessment tool for home insurance carriers that incorporates aerial imagery, weather data, and claims history. This innovative tool allows insurers to enhance underwriting decisions by providing detailed roof insights at the time of quoting and renewing policies. The Home Trends Report indicates that wind and hail claims comprise nearly half of home insurance losses, prompting the need for improved evaluation methods. Rooftop helps insurers manage roof damage risk more effectively while streamlining the customer experience.

Positive

• Launch of LexisNexis Rooftop enhances risk assessment for home insurance, potentially improving market competitiveness.
• Rooftop's data-driven insights could lead to more accurate premium pricing for insurers, attracting cost-conscious customers.

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• None.

ATLANTA, Feb. 4, 2021 /PRNewswire/ -- LexisNexis^® Risk Solutions, a leading provider of data, advanced analytics and technology for the insurance industry, today announced the launch of LexisNexis^® Rooftop, a next generation risk assessment tool for home insurance carriers that includes data from aerial imagery, weather, location and a complete claims history view across personal coverages. LexisNexis Rooftop delivers roof-related insights at quote, bind and renewal, enabling insurers to make informed underwriting and policy pricing decisions. 

LexisNexis Rooftop leverages imagery analytics to identify roof damage and other characteristics but uses other key data to create the whole picture. Because some types of damage may not be visible with aerial imagery, LexisNexis Rooftop also incorporates nearby weather event data and the resulting auto and home claims to determine how much wear and tear a roof has sustained. 

"Wind and hail claims – which are associated with roof replacements – now represent close to half of all home insurance loss costs, according to our latest LexisNexis Home Trends Report," said George Hosfield, senior director of home insurance at LexisNexis Risk Solutions. "Currently the insurance industry manages this risk by asking homeowners about their roof's age or by using outdated images. This approach is just not good enough for the complete evaluation of the risk. The combination of aerial imagery and predictive capabilities of our Rooftop solution provides a more effective tool to fight the rising wind and hail losses."

LexisNexis Risk Solutions conducted a claims study¹ that assigned a rooftop score to a random sample of properties located in states impacted by weather-related claims. This study analyzed the next 12 months of large weather claims involving those properties and segmented the results by score. The high-risk score group had 30 times the claim frequency of the low-risk score group in the study, and 3.5 times the claim rate of the overall population.    

LexisNexis Rooftop also has benefits for homeowners. If carriers better understand the roof condition up front, consumers can expect a faster, more streamlined buying experience. Carriers can also use these insights to let their existing customers know about deteriorating conditions that should be addressed to avoid more costly repairs down the road, and in their claims process to validate prior condition.

"According to our C.L.U.E.® Property reports, home insurance shopping is up year over year as homeowners look for ways to lower their expenses. Carriers that have the most accurate understanding of the property they're insuring will have a competitive advantage as consumers shop for new insurance and seek more accurate premiums," said Hosfield.

For more information about LexisNexis Rooftop and other LexisNexis home insurance solutions such as LexisNexis^® Current Carrier Property, which enables LexisNexis Rooftop to provide insights using contributed policy data prior to renewal, click here.

About LexisNexis Risk Solutions

LexisNexis^® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.

Media Contacts:
Rocio Rivera
LexisNexis Risk Solutions
Phone: +1.678.694.2338
rocio.rivera@lexisnexisrisk.com 

Mollie Holman
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5611
mholman@brodeur.com

¹ 2020 LexisNexis® Risk Solutions Study: Claim Rate Relativity by Rooftop Score

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SOURCE LexisNexis Risk Solutions

FAQ

What is LexisNexis Rooftop?

LexisNexis Rooftop is a risk assessment tool for home insurance carriers that provides insights based on aerial imagery, weather data, and claims history.

How does LexisNexis Rooftop benefit home insurers?

The tool allows insurers to make informed underwriting decisions, potentially improving policy pricing accuracy and reducing losses from wind and hail claims.

What impact do wind and hail claims have on home insurance?

Wind and hail claims account for nearly half of all home insurance loss costs, highlighting the need for effective risk assessment tools like Rooftop.

When was LexisNexis Rooftop launched?

LexisNexis Rooftop was launched on February 4, 2021.

How can homeowners benefit from LexisNexis Rooftop?

Homeowners can expect faster insurance processing and proactive alerts regarding roof conditions, which can help prevent costly repairs.