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Renew Connect welcomes HazardHub to the ecosystem

Renew Connect, Data Partners, Partners, Renew Use Cases3Mins
2021-06-18Written by Colin Menzies

We want to offer the best data and insights to our customers through partnerships in our Renew Connect ecosystem. This month we welcome HazardHub on board, offering comprehensive US property risk data to better enable risk-based pricing in Renew.

Why is HazardHub such an exciting data partner? Well, the short answer is that their data enables far more sophisticated risk assessments of US properties. However, risk-based pricing has far wider ramifications for the insurance industry than accurate pricing alone.  

One of the key challenges posed by zone rating (or offering a generic base rate for properties in the same area) is that it does not distinguish between property owners regardless of their individual level of risk. The knock-on effect is that bad risks will be undercharged, and good risks pay a higher premium than they would otherwise have to do. As a consequence, insurers can end up getting overexposed to bad, under-priced risks, while simultaneously shedding risks they want to have as customers 

This doesn't have to be the case with HazardHub. The granular property data offered by HazardHub enables risk-based pricing. With risk-based pricing, policyholders are charged fairly according to their specific circumstances. As an example, proximity to fire hydrants can be used as a risk factor in pricing, as they have a direct impact on the potential for fires to be extinguished. This will increase awareness of the risk factors that can lead to a claim and may in fact change policyholder behaviour. Policyholders may choose to enhance other safety measures to reduce their premium or ask local councils to add hydrants in their area. 

The property insights offered by HazardHub include earth, wind, fire and water catastrophe data. This information ranges from large scale tornado and earthquake risk, all the way to proximity to a fire station or fire hydrant. In addition, underwriters can make use of man-made risk insights relating to crime, nuclear facility locations and brownfield sights. HazardHub covers 96% of properties in US counties, including their square footage, usage, age and valuation data.

"At HazardHub, we believe that carriers and partners have been held hostage by existing data providers who charge exceptionally high prices for low-resolution data. We want to smash that paradigm by providing the best, most cost-effective data possible to assess risk. We're excited by our partnership with hx and look forward to helping customers make smarter, more risk-aware, pricing and underwriting decisions."

Bob Frady, CEO and Founder at HazardHub

If you are interested in learning more about HazardHub data and insights, you can contact support@hazardhub.com and the team will be in contact to arrange an introduction call to learn more about your requirements. They can also provide an API key for use on the Renew platform. 

If you are not a Renew client and you are interested in a demo of how our powerful integration capabilities can assist your business, please contact hello@hyperexponential.com and we will arrange a session. 

This integration is one of many partners available within Renew Connect

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