The property research group has announced its partnership with home insurance brokerage Austbrokers.
CoreLogic Australia has partnered with Austbrokers Countrywide in a move designed to deliver “new levels of client service”, with clients provided access to alternative methods of calculating a property’s “sum insured” amount.
Commenting on the announcement, Austbrokers director Mark O’Reilly said: “I’ve long advocated that policyholders shouldn’t have the onus of defining what a property’s sum insured amount should be, but until recently, that involved a time-consuming information gathering exercise by policyholders.
“The technology and data now exist for brokers to more accurately help policyholders understand what the sum insured cost for their building could be.
“It also helps prevent the risk of under-insurance by providing an independent rebuild cost estimate for domestic and light commercial properties, which obviously is ideal for compliance too.”
CoreLogic noted that the technology is powered by the research group’s RP Data Professional, Cordell Commercial Estimator and Cordell Sum Sure platforms, which allow for the calculation of residential and light commercial rebuild costs and researching of property data.
Suresh Dhanushkoti, CoreLogic’s general manager of insurance products and solutions, added: “Research indicates that most people actually guess the answers to questions when they use a residential rebuild calculator, and commercial property owners generally have no reference points to help them estimate what their cover should be.
“CoreLogic has sufficient property attribute data to calculate the estimated rebuild cost for approximately 50 per cent of Australian residential houses, but even if we can’t, the broker can work with their client to answer the outstanding mandatory questions to enable the estimate to rebuild to be generated.
“Cordell Commercial Estimator allows brokers to have better conversations with their clients through the use of a simple tool that accesses Cordell’s wealth of construction and cost data.”
Mr O’Reilly said that the new technology would supplement his team’s industry knowledge and training.
“Our people are everything in our success. They’re highly collaborative and dedicated about providing the best possible insurance and financial services outcomes.
He continued: “We know our clients and what they want to protect, but their resulting peace of mind is partly because we are, and always have been, innovation driven.
“The CoreLogic partnership provides our team with advanced tech to validate the numbers they’re relying on to form the basis of insurance cover.
“Good brokers understand the power of great tools to enhance the customer experience and make insurance easier.”
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