Porch Group Releases Three New Home Factors Geared Towards Improving Property Risk Segmentation in Home Insurance
Home Factors is Porch's next-generation property intelligence platform of unique data on both interior and exterior home conditions. Leveraging advanced AI-driven models, the platform transforms this data into actionable insights, empowering insurers to make more informed decisions, refine risk segmentation, and improve underwriting precision.
The new home factors focus on one of the most critical areas of property damage. By identifying the presence of water damage in specific areas of the home, insurers can make more informed decisions about pricing, underwriting, and loss prevention.
An analysis with third party carriers revealed that properties with water intrusion damage have more than 40% higher claims frequency.
'These new Home Factors allow insurers to access more property characteristics and see what's really happening inside a home,' said Michelle Taves, VP and Group GM, Data and Marketing. 'They provide powerful signals for identifying risk that standard property data simply can't detect. Through both Homeowners of America and now other third-party carriers, we have proven definitively that Home Factors data has a significant impact on being able to better assess and price risk for a given property.'
'Unique data is a key pillar in Porch's strategy, and we are just getting started in our journey,' added Matt Ehrlichman, Founder and CEO of Porch Group. 'The expansion of Home Factors from both an internal underwriting and external monetization standpoint remains a key priority for the company, and we are in a good position to deliver on our goal of releasing 100 Home Factors by year-end.'
For more information about Porch's Home Factors data products, visit: https://insurance.pgmsolutions.com
About Porch Group
Porch Group, Inc. ('Porch') is a new kind of homeowners insurance company. Porch's strategy to win in homeowners insurance is to deploy leading vertical software solutions in select home-related industries, provide the best services for homebuyers including important moving services, leverage unique data for advantaged underwriting, and provide more protection for policyholders. To learn more about Porch, visit ir.porchgroup.com.
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