Approximately 73 percent of residential properties are underinsured by an average of 35 percent. CGI’s HITS Valuation can help you recover lost premium dollars by insuring accurate insurance to value.
Underinsurance is a major challenge for insurers, costing them millions of dollars in lost premiums each year and leading to claim settlement problems. By identifying and upgrading underinsured policies, you can maximize the premium earned on the portfolio. CGI’s HITS Valuation helps insurers tackle the problem of underinsurance by providing replacement cost values and construction details (e.g., year built, square footage, number of rooms, number of stories, etc.) for residential properties in Ontario and British Columbia. Combined, these provinces account for 60 percent of all private residences in Canada. This valuable underwriting information can be accessed within seconds by simply inputting insured name, address and postal code.
Individual property information can be accessed via the Internet through CGI’s secure Web site, HITSWeb.ca. We can also deliver information for an entire portfolio of policies.
Return on Investment
A pilot study was conducted with a number of major insurers to assess their return on investment for HITS Valuation. The results speak for themselves:
- 27,054 properties sampled
- 91% hit ratio
- 17,324 properties underinsured (64%)
- Average Coverage A deficiency - $29,690
- Average recoverable premium - $80.00
- Return on investment - $25.00/$1.00
Summary of Benefits
- Ensures accurate insurance to value
- Prevents premium leakage
- Increases premium revenue
- Excellent return on investment
- Easy-to-use interface
- Fast results
- Consistent and accurate property evaluations across portfolio
- Option of single property or portfolio reviews