by Tyler Stuber, Director of Professional Services/Operations
The risk pool world revolves around data… Data about risk pool members, their property and its tracking, seismic and wind zones, fire resistance, catastrophe modeling, and so much more. Collecting and maintaining these data details in an efficient, thorough way becomes the key to better proactive risk assessment, more accurate pricing, and the informed decision-making that translates to better overall loss mitigation.
Our RiskStar property risk management software offers many ways to generate the data-driven insights risk pools need to assess and mitigate risk— 10 of them, in fact! Check out the ways RiskStar can put your data to work for your risk pool below.
1. Verify Values and Uncover Value Trends.
RiskStar’s Pending Variance Report allows you to review any data field and compare current to pending values prior to approving them in the system. By overseeing each value change before they’re accepted, you gain a greater understanding of how values trended since your last appraisal. It also lets you check data for consistency, helping increase your data confidence. Once values are approved in the system, RiskStar’s Valuation History Report lets you review valuation changes by their effective dates, so you can examine valuation changes year-over-year by asset. Understanding valuation trends becomes easy!
2. Check Similar Properties across the Property Schedule to Avoid Over- or Under-Insurance.
The RiskStar Valuation Estimator helps benchmark property valuations for similar structures and occupancies. Add new buildings to RiskStar or clone similar assets and update the fields to provide a benchmark value. This allows your pools to identify property value patterns across different regions and types of buildings. By comparing your benchmark values against current insured values, you can pinpoint properties that may be under- or over-insured, and better align your insurance coverage.
3. Perform Quality Control on Your Property Data for Increased Peace of Mind.
RiskStar reporting offers unmatched quality control possibilities for your data. Use RiskStar reporting to determine which assets don’t have images, so you can add the ones you’ve missed, for future proof of loss. Check whether your ISO Construction Class and Frame Type match. (For instance, a wood-framed structure should not have an ISO Construction Class listed as masonry non-combustible steel.) Use reports to make sure leased properties are insured for contents-only rather than replacement cost. Leverage the report builder to compare cost per square foot and occupancies to identify any anomalies. Or use the tool to identify any fields that missing data. Greater data confidence becomes yours!
4. Locate potential property issues for timely mitigation.
Drill-down in RiskStar’s helpful dashboard charts and graphs, or use RiskStar’s flexible report builder, to see specific property information and features. Learn which buildings are the oldest, most susceptible to fire damage, haven’t been appraised recently, are vacant, and more. Run a simple report on which buildings are missing sprinkler systems or have the oldest roofs, and it becomes easy to make the upgrades that intercept potential loss. Drill-down in RiskStar’s integrated GoogleMaps functionality to view your street-level structures to check for potential structural problem or wind missiles and debris. RiskStar gives you many ways to catch potential losses before they occur.
5. Determine when to use reproduction costs versus replacement costs.
RiskStar reports allow you to find the historical structures in your property schedule and identify which properties should be valued for Reproduction Costs instead of Replacement Cost New. This makes your appraisal projects a smoother, more accurate process.
6. Model contents values for a more thorough overall property valuation.
Use RiskStar’s Valuation Estimator tool to model contents values; our modeling is based on our decades of experience in the appraisal business, multiple trusted valuation resources, and a wide range of property-specific modifiers.
7. Review the changes that help refine underwriting criteria, pricing and premiums.
RiskStar’s Change Report and Audit Trail can help you determine which properties have been added, deactivated, or changed in your Property Schedule and when. Set the start and end date to track these changes over the timespan you choose. For insurers, this means you can refine your underwriting criteria and pricing strategies to more accurately reflect the current risks associated with each policy, helping you protect your organization from loss and ensuring your insureds get the most accurate premiums.
8. Determine valuation thresholds for more efficient and cost-effective appraisals.
Use RiskStar’s reporting tools to evaluate thresholds for your upcoming appraisal projects. Analyzing the property in your statement of values related to asset counts and the percentage of total insurable value (TIV) that’s captured becomes an easier, more efficient task using this tool.
9. Keep current with renewals using the data at your fingertips.
RiskStar’s Policy module helps you ensure that insured assets are tied to the right policy when renewal time rolls around. Mark the insured value of a property as Replacement Cost New, Reproduction Cost, Member-Supplied, Agreed Value, and more. And the Ad Hoc Report Writer is perfect for extracting the data and fields insurers need for the renewals process, like Total Insurable Value, Physical Location, Flood Zone, ISO Construction, Catastrophe Modeling fields, etc.
10. Share insights— internally and with pooling members — using custom reporting.
Centurisk’s RiskStar implementation team wants you to get everything you can out of our software. If you have specific organizational or member needs, we can customize specific RiskStar reports that provide your stakeholders with the information they want most. Combined with the system’s auto-email capabilities, you can make sure no one misses the latest renewal information or other property data insights that help keep your business steps ahead.
Incorporating RiskStar into your risk management strategy can improve the way your organization or risk pool approaches data-driven decision-making. By leveraging the capabilities above, you can unlock deeper insights, enhance data accuracy, and ultimately strengthen your risk mitigation efforts by transforming data into actionable intelligence. Contact us anytime to learn more about how RiskStar can bring greater understanding to your risk management.
About the Author
Tyler Stuber, Director of Professional Services and Operations for Centurisk, has been a part of the Centurisk team for 9 years and lives in Pittsburgh, PA. In his spare time, he enjoys local sports and spending time with his wife Chelsea, their 3-year-old son Colton, and their infant son Mason.