Key Advantage In Property Underwriting

In the real estate market, it is often said that the three most important factors are location, location and location.

For underwriting, it is essential to also have data on many specific characteristics of the property such as square footage, exterior and interior building materials, roof shape, foundation type and size, the presence of pools or fences — and there is a lot of buzz in the industry about creating comprehensive property attributes.

However, these data points must be associated with the correct address before any adequate analysis can be conducted. This is where geocoding comes into play.

Geocoding provides a set of coordinates for each address, with the goal of allowing the insurer to understand the location of each building that is being insured and its proximity to various peril zones.

Geocoding solutions have long been used by insurers for underwriting and risk assessment.