SOURCE: TransUnion

TransUnion

February 17, 2015 08:00 ET

Recent Winter Storm Damage Shows Need for Insurance Carriers to Utilize Services Such as TransUnion Occupancy Solutions

CHICAGO, IL--(Marketwired - February 17, 2015) - Severe weather such as the recent Winter Storms Juno and Linus can have a major impact on homes -- particularly those left unoccupied. Vacant homes are at higher risk for winter perils such as freezing pipes, water damage, fire damage and roof collapse.

According to the Insurance Information Institute ("III"), about one in 55 insured homes each year has a property damage claim caused by water damage or freezing, and approximately one in 230 insured homes has a property damage claim related to fire every year.(1)

This damage can hold major financial implications for insurance carriers, though services such as TransUnion's Occupancy Solutions can help insurance carriers identify and monitor properties that are vulnerable to these types of losses.

"Vacant homes are a higher risk to property carriers, and most carriers would take a different approach to these properties when writing or renewing an insurance policy," said Mark McElroy, executive vice president of TransUnion's insurance solutions business unit. "Our Occupancy Solution identifies address discrepancies within a portfolio so that carriers can prioritize inspection resources to efficiently mitigate the threat of vacant and unoccupied homes."

Based on TransUnion testing and current deployments, a typical customer may see a 250% rate of return from TransUnion Occupancy Solutions, with increased profits per carrier of $2-4 million over five years.(2)

The TransUnion Occupancy Solutions service assists insurance carriers by:

  • incorporating current, reliable data, updated in real time and enhanced with predictive analytics into carriers' existing inspection strategies
  • allowing insurers to make more accurate and timely underwriting and pricing decisions by identifying vacancy exposure in personal lines property, renter-occupied dwelling fire and large habitational risks
  • identifying properties with the highest potential for losses and driving profitability improvement by addressing before a claim occurs

For more information on TransUnion Occupancy Solutions, please contact Michelle Jackson at mzjacks@transunion.com.

About TransUnion
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion reaches consumers and businesses in more than 30 countries around the world on five continents. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.

We call this Information for Good. www.transunion.com/business

(1) Insurance Information Institute ("III"). (2015). Homeowners and Renters Insurance. Retrieved from http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

(2) Rate of return, increased profits, and timespan may vary and are subject to change.

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