Smarty Launches Innovative Property Risk Data Solution

Revolutionizing Risk Assessment with Smarty's New Product

Smarty, a pioneering address intelligence provider, has unveiled its latest offering, the US Property Risk Data product. This innovative solution streamlines access to FEMA's National Risk Index (NRI), converting complex data into user-friendly hazard intelligence at the address level. By leveraging this API-based platform, insurers, lenders, and real estate platforms can model risk assessments with remarkable speed and efficiency.

Meeting the Growing Demand for Risk Management

The increasing frequency and severity of natural disasters in the United States have led to significant insured losses, averaging over $151 billion annually. As companies navigate the complexities of climate-related threats, the need for agile risk modeling becomes critical. Traditionally, accessing FEMA's National Risk Index was a cumbersome process, often requiring bulk downloads and extensive manual data handling. However, Smarty's solution simplifies this by delivering vital information through a straightforward API call, providing immediate access to structured hazard data.

Comprehensive Data for Informed Decisions

Smarty's API presents a wealth of information, offering over 465 data fields that encompass 18 different natural hazards, alongside economic data, geographic identifiers, and community resilience scores. This rich dataset provides insights into the major natural threats faced by properties across the nation. Key categories include:

Fire Hazards

These hazards include lightning and wildfires, which pose significant risks to properties, especially in vulnerable areas.

Weather-Related Hazards

Covering a range of threats such as cold waves, droughts, hail, hurricanes, tornadoes, and other extreme weather events, Smarty equips insurers with the metrics needed for effective risk analysis.

Water-Related Hazards

By identifying risks linked to coastal flooding, river flooding, and tsunamis, the API assists in thorough assessments for properties situated near large bodies of water.

Geological Hazards

This category includes avalanches, earthquakes, landslides, and volcanic activity, which can have devastating impacts on properties in affected regions.

Empowering Insurers for Enhanced Efficiency

With Smarty's solutions, insurers can now access essential metrics like expected loss ratios and event frequencies per hazard type. This data empowers underwriting processes, allowing for quicker assessments while enhancing accuracy. Brent Francom, Smarty's Director of Product Management, emphasizes the value of transforming raw FEMA data into actionable insights. He states, "We've essentially pre-computed the hazard profiles for every US address, so a single API call returns everything you need for high-level risk assessment." This innovation fundamentally changes workflows by providing immediate visibility into high-risk properties during application processes.

Integrating Seamlessly into Existing Systems

Smarty's cloud-based API integrates effortlessly with existing business workflows, enabling companies to incorporate FEMA risk data into their pricing models and eligibility criteria without the need for extensive custom development. Additionally, the unique SmartyKey® identifier streamlines processes such as deduplication and data linking, making it particularly beneficial for insurtech applications.

Availability and Future Directions

The US Property Risk Data product marks an important addition to Smarty's suite of address intelligence tools, already well-received in the insurance sector. Users can access this product through flexible pricing plans that match their API usage. For those looking to explore its capabilities, a 42-day free trial is also offered.

About Smarty:
Smarty is dedicated to processing billions of addresses with unparalleled accuracy, facilitating effective location intelligence through leading-edge solutions like address verification, autocomplete, geocoding, and data enrichment. A wide range of global businesses, from SMBs to Fortune 500 companies, depend on Smarty's powerful APIs to tackle challenges related to address data. For more information, visit smarty.com.

Frequently Asked Questions

What is Smarty's US Property Risk Data product?

Smarty's US Property Risk Data product is an API-based solution that converts FEMA's National Risk Index into structured hazard intelligence for address-level assessments.

How does Smarty improve risk assessment for insurers?

Smarty provides immediate access to over 465 data fields covering various hazards, enabling faster and more accurate underwriting and risk modeling.

What types of hazards are covered by Smarty's data?

The product includes data on fire hazards, weather-related hazards, water-related hazards, and geological hazards.

Can the US Property Risk Data product be integrated with existing systems?

Yes, it integrates seamlessly into current workflows, allowing businesses to incorporate risk intelligence into their operations without custom development.

Is a trial available for the US Property Risk Data product?

Yes, Smarty offers a 42-day free trial for businesses interested in testing the product's capabilities.

About The Author

Dominic Sanders here, a writer and financial specialist committed to helping my readers understand the world of finance. Having a strong financial background and a lot of experience, I concentrate on using my blog posts and articles to translate difficult financial subjects into understandable, doable advice. My goal in writing is to arm you with the information and skills need to make wise financial choices.

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