1TransUnion announced the launch of Habitational Risk, a predictive analytics tool that helps carriers better assess the insurance risk based upon the occupants of commercial residential properties.

The behavior and activities of occupants can often contribute to non-weather losses like fire and liability. Commercial residential property insurers have attempted to use loss control inspections as a means to try to assess this risk. However, inspections can be costly and ineffective at measuring the insurance loss potential of occupants and leave underwriters with incomplete information on which to make underwriting and pricing decisions.

TransUnion’s patent pending address search technology identifies the occupants of a commercial habitational property. Once identified, TransUnion can then create a unique aggregated risk profile. The habitational report contains the following information that can help insurers improve pricing and reduce inaccuracies in the underwriting process:

  • Habitational risk score to help assess the insurance loss potential of occupants
  • Two historical risk scores to assess how the property may have changed over time
  • Average occupant age and age distribution
  • Average occupant tenure and tenure distribution to measure overall occupant risk stability

Source:  Quotenet