An innovation collaboration between Austbrokers Countrywide and CoreLogic Australia is delivering new levels of client service, with policyholders enjoying a new, far simpler way to calculate their property’s ‘sum insured’ amount.
Austbrokers Director Mark O’Reilly comments: “I’ve long advocated that policyholders shouldn’t have the onus of defining what a property’s ‘sum insured’ amount should be, but until recently, that involved a time consuming information gathering exercise by policyholders. The technology and data now exists for brokers to more accurately help policyholders understand what the sum insured cost for their building could be. It also helps prevent the risk of under-insurance by providing an independent re-build cost estimate for domestic and light commercial properties, which obviously is ideal for compliance too.”
The technology is powered by CoreLogic solutions, including RP Data Professional, Cordell Commercial Estimator and Cordell Sum Sure: the combination of which allows for calculation of residential and light commercial re-build costs and researching of property data.
CoreLogic GM Insurance Products and Solutions, Suresh Dhanushkoti, explains: “Research indicates that most people actually guess the answers to questions when they use a residential rebuild calculator and commercial property owners generally have no reference points to help them estimate what their cover should be.”
“CoreLogic has sufficient property attribute data to calculate the estimated rebuild cost for approximately 50% of Australian residential houses, but even if we can’t, the broker can work with their client to answer the outstanding mandatory questions to enable the estimate to rebuild to be generated. Cordell Commercial Estimator allows brokers to have better conversations with their clients through the use of a simple tool that accesses Cordell’s wealth of construction and cost data.”
O’Reilly regards the new technology as supplementing his team’s industry knowledge and professional training: “Our people are everything in our success. They’re highly collaborative and dedicated about providing the best possible insurance and financial services outcomes. We know our clients and what they want to protect but their resulting peace of mind is partly because we are, and always have been, innovation driven.”
“The CoreLogic partnership provides our team with advanced tech to validate the numbers they’re relying on to form the basis of insurance cover. Good brokers understand the power of great tools to enhance the customer experience and make insurance easier.” O’Reilly adds.
The suite of solutions available to Austbrokers includes imagery and mapping functions to assist with data required to estimate rebuild costs and provide higher quality data about the risk to the underwriters.
- Cordell Commercial Estimator generates a rebuild estimate for commercial, industrial, rural and strata properties using Cordell construction data researched and compiled by CoreLogic, updated quarterly. Rebuild estimates can be exported as PDFs, as well as saved within the tool, allowing the property to easily be re-priced in subsequent year’s renewal discussions with the policyholder.
- Cordell Sum Sure® is an online CoreLogic calculator, which generates an estimated cost to rebuild for residential houses (not strata units) up to $2 million, based on property attribute data provided by Corelogic and Cordell® building characteristics data, construction costs, and figures compiled by CoreLogic. The resulting report can be saved as a PDF or downloaded and used in discussions about the cover required to insure a residential house.
For further information/commentary:
|Mitchy Koper,||Suresh Danushkoti|
|Head of Media and Communications, CoreLogic.||GM, Insurance products and solutions|
|Email: [email protected]||Email: [email protected]|
|Phone: 1300 472 767.||Phone:|
About CoreLogic: www.corelogic.com.au