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Prepared Insurance Integrates Verisk Analytics Tool to Support Expansion

Staff Writer | October 07, 2015

Verisk Insurance Solutions announces that Prepared Insurance Company has integrated Verisk's underwriting analytics into its policy management system to support expansion into new states.

Prepared Insurance has integrations with several Verisk underwriting and risk analytics for replacement cost estimates, loss history reports, and property-specific risk analytics. The integrations allow Prepared to use Verisk's analytics to help streamline underwriting decision making while retaining underwriting integrity. 

"As we expand from our home in Florida to other high-risk states, it's important for us to maintain the underwriting integrity of our portfolio," says Stephanie Lee, president and COO of Prepared Insurance Company. "The underwriting analytics provided by Verisk are a strategic component of our underwriting profitability."

To help manage risk and price policies in coastal regions, Prepared uses several LOCATION catastrophe risk management analytics from Verisk, including the Building Code Effectiveness Grading Schedule.

Building codes provide a good indication of the ability of a structure to withstand hurricane-force winds. BCEGS assesses the effectiveness and enforcement of building codes in a particular community. Prepared Insurance can use this information to help streamline its underwriting decisions by adding more underwriting rigor to properties located in communities with known challenges regarding building codes.

In addition to BCEGS, Prepared uses the LOCATION Distance to Coast and Windpool Eligibility services to help support its catastrophe risk assessment during the underwriting process.

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