Hastings Strengthens Household Underwriting Capabilities with Verisk’s UKBuildings, Robust Building and Property Data

Rhea-AI Summary

Verisk (VRSK) partners with Hastings Direct to enhance household underwriting services with UKBuildings data, aiming to improve risk assessment and customer experience.

Insurance Industry Analyst

The licensing of Verisk's UKBuildings by Hastings Direct represents a strategic enhancement in the latter's underwriting capabilities. By integrating a granular property database into their toolkit, Hastings Direct is poised to achieve a more precise risk assessment and underwriting analysis. This precision in underwriting is crucial for insurers, as it directly correlates with the ability to price policies more accurately and manage risk exposure effectively.

For stakeholders, the short-term implications include potential operational efficiencies and improved profit margins due to better risk selection and pricing. In the long term, the adoption of advanced data analytics tools like UKBuildings could lead to a more competitive position in the market for Hastings Direct, as they leverage data to tailor their offerings and enhance customer satisfaction.

From an industry perspective, this move reflects the growing trend of digital transformation in insurance, where data-driven decision-making is becoming a key differentiator. The collaboration between Verisk and Hastings Direct could set a benchmark for other insurers to follow, highlighting the importance of innovative technologies in traditional industries.

Risk Management Expert

Access to Verisk's UKBuildings data equips Hastings Direct with a nuanced understanding of property attributes, which is a significant factor in household underwriting. Identifying features like basements is not only important for assessing the risk of flooding but also for other considerations such as subsidence, property valuation and potential claims scenarios.

Effective risk management strategies are underpinned by robust data. By enhancing risk profiling, Hastings Direct can improve its loss ratio, which is the percentage of claims paid out compared to the premium earned. A lower loss ratio generally indicates better profitability in the insurance sector.

The mention of a 'rigorous data test' by Hastings Direct underscores the importance of data accuracy and reliability in risk management. Any discrepancies in data quality can lead to mispriced risks and subsequently financial losses. Thus, the validation of Verisk's data as reliable is a key aspect of this news.

Customer Experience Specialist

The enhancement of underwriting services through detailed property insights not only benefits Hastings Direct internally but also has a direct impact on the end consumer. By leveraging highly detailed datasets, insurers can offer more personalized policies and potentially better rates to customers who present lower risks.

Improvements in customer experience can manifest through faster claim processing, more accurate premium calculations and a general increase in trust due to transparency in risk assessment. The ability to identify specific property features like basements allows for a more customized insurance coverage, which can be a differentiator in a competitive market.

For Hastings Direct, this move signals a commitment to leveraging technology to enhance customer service. In a market where consumer expectations are constantly evolving, the ability to provide tailored solutions is likely to result in higher customer retention and satisfaction rates.

LONDON, UK, March 05, 2024 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, is pleased to announce that Hastings Direct, the technology driven UK insurance provider, is enhancing its household underwriting service capabilities through licensing Verisk’s UKBuildings.

UKBuildings is a comprehensive and highly granular property database for an organisation or industry interested in accurate buildings data including, but not limited to residential and commercial insurance underwriters.

The addition of Verisk's UKBuildings data to Hastings Direct’s underwriting services toolkit will enable the company to refine its risk assessment and underwriting analysis to meet the needs of its insurance underwriter by providing valuable insights into various property attributes, including basements.

“Following the completion of a rigorous data test affirming the reliability and accuracy of Verisk’s UKBuildings, we were particularly impressed by the solution’s high level of detail and its ability to identify residential properties with basements,” says Simon Parker, Head of Household Underwriting, Hastings Direct. “The rich dataset will empower more informed decisions, strengthen risk management capabilities, and ultimately enhance the overall customer experience."

Alex Croydon, managing director of general insurance UK at Verisk, added: “We are excited to support Hastings in its mission to accelerate growth and improve its household insurance book. Our UKBuildings data is designed to help provide insurers with a comprehensive understanding of property attributes, and we are confident that this collaboration will yield positive outcomes for both parties."

About Verisk 
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom. 

About Hastings
Founded in 1996 in Bexhill-on-Sea on the Sussex coast, the Hastings Group is one of the leading general insurance providers to the UK market, with 3.5 million live customer policies and employing over 3,300 colleagues.

The Group provides simple and straightforward products and services to UK car, bike, van, and home insurance customers with around 90% of policies directly underwritten by its Gibraltar-based Underwriting business, Advantage Insurance Company Limited.

For more information visit the Hastings Group website.

What is the partnership between Verisk and Hastings Direct about?

Verisk is enhancing Hastings Direct's household underwriting service capabilities through licensing UKBuildings data.

What is UKBuildings?

UKBuildings is a comprehensive property database providing accurate buildings data for insurance underwriters.

How will the addition of UKBuildings data benefit Hastings Direct?

It will help refine risk assessment, provide valuable property insights, and enhance the overall customer experience.

Who affirmed the reliability and accuracy of Verisk's UKBuildings data?

Simon Parker, Head of Household Underwriting at Hastings Direct, after a rigorous data test.

What outcomes are expected from the collaboration between Verisk and Hastings Direct?

Positive outcomes such as accelerated growth, improved household insurance book, and strengthened risk management capabilities.