Flood Re launches new property data service

Flood Re is planning to launch a new property data service with the help of Addresscloud, whereby the geo-coding specialist will build and manage a new Property Data Hub providing property-specific information to enable insurers to make rapid and accurate ceding decisions at risk level.

The new PDH will enable the insurers and software houses assessing risk to quickly and accurately identify properties that fall under the scheme.

The service will be available via both a new portal and a live API that can be integrated with the existing systems run by UK residential property insurers, and the mainstream e-trading software houses.

In addition to single address look ups, the new portal includes a batch interface enabling the automatic processing of bundles of up to 100,000 addresses without having to wait for manual or offline address matching, significantly reducing processing time. There will also be an offline version of the PDH which can be downloaded via the portal or API for those that want to build the PDH into their own applications.

Andy Bord, CEO of Flood Re commented: “This is a significant investment by Flood Re in our capability and Addresscloud, as a recognised leader in UK address matching and property intelligence, is perfectly placed to deliver a new improved service for our users, along with operational and cost efficiencies for the Flood Re business. In simple terms higher address matching rates and faster processing will make it is easier and quicker for insurers to identify which properties are eligible to be ceded, improving the uptake and efficiency of the scheme.”

Pilot testing of the new API and portal is presently underway, with migration of the 35 insurer partners ceding to the scheme, and the three software houses directly integrated with it, planned for the first quarter of this year.

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