Symbility Solutions and CoreLogic have had a strong partnership since 2012, and with the recent natural disasters that have plagued the southern United States, it has reaffirmed why our relationship is so important to the property insurance market.
Who Is CoreLogic?
For those that aren’t familiar with CoreLogic, they are the market leading company that specializes in property information, analytics, and data-enabled solutions. This means that they are the dominant resource for property information and data in Australia, New Zealand, Canada, and United States. Whether you know it or not, you’ve likely come across CoreLogic’s data through housing reports, real estate listings, construction cost data, and other government and banking avenues. CoreLogic has also been a valuable partner for Symbility and our clients because of this valuable data.
Why is This Important To Symbility Customers?
In order to accurately assess a claim, property insurance field adjusters need the most accurate and up-to-date information about a damaged property. Adjusters are able to directly acquire the latest residential and commercial property data from CoreLogic’s RCT Express® and Commercial Express® underwriting solutions and have it automatically added to a claim file within Symbility Mobile Claims. Having access to this vital data allows carriers and adjusters in the field to initiate a claim before an adjuster actually arrives on site.
Thanks to our claims management cloud platform and our robust APIs, we’re able to create a bilateral communication between us and CoreLogic. This means that not only can we tap directly into CoreLogic’s underwriting solutions and bring their valuation data directly into a claim, but it also allows field adjusters to report back discrepancies in the underwriting file, for example, possible changes that have been made to properties since their original underwriting assessment, and feed that updated data directly back to CoreLogic’s solutions.
How Does This Help In The Wake of A Natural Disaster?
In the unfortunate time following a natural disaster, such as the two Hurricanes, Harvey and Irma, we recently witnessed ravage the Southern United States, we know that most carriers will be inundated with policyholders trying to start claims so they can start to put their lives back together. Carriers that are utilizing Symbility products to help service their policyholders can tap directly into CoreLogic’s data simply by starting a claim. Once a claim is started, the complete underwriting valuation report will be brought automatically into the claim. This information allows carriers and adjusters in the field to make headways on claims before adjusters even set foot in affected areas. This, in turn, allows claims to be completed in a quicker manner and helps policyholders start to rebuild as fast as possible.
In addition to this underwriting information, Symbility also works closely with the CoreLogic team to distribute the firm’s latest impact reports and information on changing price structures for reconstruction costs as they may surge due to increased demands. Having this latest information available at adjusters and carriers fingertips will help them to pay out claims that are fair to policyholders as well as process and close out claims at much faster pace.
While our hearts and prayers go out to anyone that has been affected by the recent hurricanes in Texas, Florida, and beyond, please know that we at Symbility are here to help you help your customers get back to normal.