Covid-19 outbreak makes it almost impossible for property surveyors and risk underwriters to physically visit properties and prepare estimates. They would either have to wait for the crisis to get over or rely on their intuitive speculation, which could be a risky gamble. CoreLogic, a California-based financial services company that provides relevant customer insights and Business Intelligence, has come up with an interesting solution to assist surveyors and underwriters.
The company recently launched a COVID-19 Housing Market Resource Center, which is a publicly-accessible insights hub that shares timely data and insights from economists, scientists and other SME’s on the spread of the Coronavirus and its impact on the housing economy. It also includes a ‘Practical Solutions Tab’ where industry folks can access tools that allow business-as-usual while adhering to CDC ( Centre for Disease Control and Prevention) guidelines to stay at home.
More than six million people have lost their jobs in the USA, and the IMF predicts that the recession could be as devastating as the economic depression in the 1930s. With purchasing power nosediving and savings vanishing, housing and real estate will be among the sectors that will be the worst hit.
In order to assist its clients to continue comprehensive property risk assessment during this challenging time, the company’s Underwriting Center Team is providing transactional access to Basic Virtual and Do It Yourself (DIY) Surveys within approximately 24-hours. CoreLogic delivers actionable insights through robust business intelligence and reporting. For the optimization of underwriting strategy, the platform leverages analytics and machine learning and constantly monitors property alerts.
A DIY survey is conducted by the homeowner using a carrier’s or third-party’s smartphone application which is then integrated within the workflow. This allows homeowners to easily transfer images and information about their home to Underwriting. When all three survey options are integrated with the UnderwritingCenter, rules for which to order can be set to maximize budgets and improve risk selection.
Virtual surveys and DIY surveys help companies optimize their survey budgets and still adhere to standards. They cost a fraction as compared to physical surveys and can be delivered real-time.
CoreLogic’s virtual reports capture current, high-resolution 3-inch ortho and oblique imagery, Streetview imagery and other proprietary MLS interior and exterior imagery along with occupancy data, property characterizes and natural and man-made hazard data in a single report.
The UnderwritingCenter uses multiple layers of rich property risk content to automate and standardize underwriting rules and survey management. All data is recycled back into decisioning models to enable continuous straight-through results. It also allows homeowners and agents to participate and stay connected during the underwriting process. Three portals provide functional access that not only provides a better experience, but also eliminate inefficient communication practices.