Innovative API Launch by Smarty
Smarty, a prominent provider of address intelligence, has made headlines with the introduction of its Property Risk Data product. This cutting-edge solution utilizes FEMA's National Risk Index (NRI) to create structured, address-level hazard intelligence. By leveraging an API-based approach, Smarty enables insurers, lenders, and real estate professionals to assess risk with unprecedented speed and efficiency.
Address-Level Hazard Intelligence
Additions to the market are important as the frequency and intensity of natural disasters increase, leading to average insured losses of over $151 billion annually in the US. However, the traditional process of accessing FEMA's National Risk Index can be overly complex, often requiring cumbersome bulk data downloads and extensive manual preparation. Smarty’s new offering simplifies this with just one API call that provides seamless access to vital hazard data.
Comprehensive Risk Coverage
The innovative API interface brings forth a wealth of knowledge, retrieving over 465 data fields covering 18 natural hazards while also incorporating economic insights, geographic identifiers, and community resilience indicators. This wealth of information empowers service providers to address all significant natural threats to properties across the United States:
- Fire Hazards: lightning, wildfire
- Weather-Related Hazards: cold wave, drought, hail, heat wave, hurricane, ice storm, strong wind, tornado, winter weather
- Water-Related Hazards: coastal flooding, riverine flooding, tsunami
- Geological Hazards: avalanche, earthquake, landslide, volcanic activity
Empowering Insurers with Data
Smarty’s robust offering includes critical metrics for each hazard, such as expected loss ratios, historical loss data, and exposure rates categorized by asset type. These analytical insights afford insurers the ability to assess risks and underwrite in a more accurate and timely manner.
Streamlined Integration for Businesses
This solution seamlessly integrates into existing workflows via a cloud-based API, facilitating swift incorporation of FEMA risk intelligence into pricing frameworks, eligibility criteria, or investment analytical tools without the need for extensive custom development. Moreover, it includes SmartyKey®, which is a unique identifier that enhances deduplication, enrichment, and data integration processes, particularly beneficial for insurance and insurtech applications.
Transforming Risk Assessment Processes
As highlighted by Brent Francom, Smarty's Director of Product Management, "The challenge lies not just in accessing FEMA data but in making it usable for individual properties at scale." Smarty has pre-computed hazard profiles for each address across the U.S., allowing rapid risk assessments through a single API query. This advancement can dramatically enhance workflow efficiency; actions that previously took weeks can now be accomplished in mere milliseconds.
Flexible Pricing and Free Trial Available
Smarty’s US Property Risk Data represents the latest advancement in their suite of address intelligence tools, already embraced by numerous players in the insurance sector. Alongside tools for address verification, property data, and rooftop geocoding, their risk data solution is available for purchase based on API usage and is currently offered with a 42-day free trial.
About Smarty
Processing billions of addresses daily with outstanding accuracy, Smarty provides essential solutions for location intelligence. By offering premier address verification, autocomplete, geocoding, and data enrichment services, Smarty supports organizations from small businesses to Fortune 500 companies. The company is committed to addressing challenges that start or end with a location, making their cloud-native APIs invaluable in the field.
Contact Information
For further details, please reach out to:
Trent Howell
801-368-0766
398805@email4pr.com
Frequently Asked Questions
What is Smarty's US Property Risk Data?
It is an API-based solution that translates FEMA's National Risk Index into detailed, address-level data on hazards.
How does this data help insurers?
It enables rapid risk assessment and more informed underwriting decisions through comprehensive hazard intelligence.
What types of hazards are included in this data?
The data covers various hazards including fire, weather-related, water-related, and geological hazards.
Can businesses integrate this API into their systems easily?
Yes, the API is designed for seamless integration into existing workflows without extensive custom development.
Is there a trial available for the property risk data?
Yes, customers can try the service with a 42-day free trial before committing to a paid plan.
