It opens its Property Listings Data to insurers to enable them to review home policies
Property valuations provider Hometrack has warned homeowners against potentially missing out on insurance with many residential properties now switching to rental ones.
Research data has revealed that around 67,000 homes have switched to rental properties over the past 12 months, and Hometrack believes that many of these homeowners may not be aware that they are possibly underinsured as a result of this switch.
Underinsurance is a key cause of complaints in home insurance, according to the Financial Ombudsman Service. Only 79% of domestic property claims were accepted in 2020 and 2021, data from the Association of British Insurers showed.
With rents rising and its average now standing at £1,126 per month, homeowners consider letting their primary residence to reduce mortgage payments or increase their income.
We’ve opened up the power of our Property Listings Data to the insurance industry, enabling it to review home policies against the most comprehensive property data set available on the market.
— Hometrack (@HometrackGlobal) July 13, 2023
Find out more on the Hometrack website: https://t.co/0wJ2H5uaP7 pic.twitter.com/2j7jk8e3DP
To help the insurance sector in addressing under-insurance and support it ahead of the introduction of the new Consumer Duty at the end of this month, Hometrack has now opened up its Property Listings Data to insurance underwriters. This enables them to review home policies against the most comprehensive property data set available on the market.
With five years of unique property reference number (UPRN) data available, insurance firms can use the property data to significantly improve the accuracy of due diligence of their back book and make more accurate risk assessments.
The Property Listings Data, launched by Hometrack in May, also allows insurers to proactively reach out through their customer services teams if a property changes status without the customer notifying them.
UPRN-linked real estate data is relevant to a wide range of job roles within the insurance sector, from actuaries and underwriters, risk, audit, and compliance teams, through to sales and marketing.
“At Hometrack, we firmly believe in the power of data-led decision making,” stated Ross Allan (pictured), director of property data solutions at Hometrack. “When it comes to the insurance sector, our Property Listings Data is a no-brainer and can reduce barriers around claim acceptance and boost customer conversion for insurance firms.
“The FCA’s Consumer Duty is also front of mind for many insurers. Integrating Hometrack’s Property Listings Data will also help deliver fairer outcomes for consumers and reduce the time spent dealing with customer complaints.”
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