(Jersey City, N.J. – Insurance News 360) – Data analytics provider Verisk released SmartSource, a new property characteristics prefill program to speed up property insurance quoting processes, and to address questions of data reliability. It inputs property information into the Verisk replacement cost calculator, 360Value.

“Consumer expectations are rapidly changing, and insurers are constantly being challenged to improve their customer experience. But making quick underwriting decisions without reliable property data can often result in inaccurate rates, pre-bind defection, and abandoned quotes,” said Trish Hopkinson, product director of 360Value. “SmartSource provides a leap forward by offering insurance-ready, property-specific information that insurers can use to streamline the new business process and help reduce changes from quote to bind.”

SmartSource incorporates data from multiple proprietary and public sources and uses self-learning algorithms to continually improve the quality of its data. The application currently features up to 68 property-specific characteristics for more than 104 million U.S. residential properties. Those numbers are expected to grow as new data sources become available and are added to the application.

Source: Verisk.