Case studies

Enhancing Insurance Precision for a High-Volume Provider

A leading insurer in the residential property sector sought to refine its risk assessment and customer service through advanced data analytics. They faced challenges in accurately categorising property types and resolving data discrepancies. The insurer managed a portfolio of over 1 million properties, making data accuracy crucial for maintaining competitive pricing and customer satisfaction.

Challenge

The insurer needed to improve data accuracy, particularly in distinguishing bungalows from other property types and accurately capturing bedrooms and bathrooms data, to ensure precise risk evaluation and efficient data processing. Initial audits revealed that 15% of property records had discrepancies, leading to potential mispricing and increased risk exposure.

Solution

Chimnie partnered with the insurer to offer advanced property data processing and matching technologies. A specialised API facilitated accurate property type categorisation and resolved discrepancies in property attributes. This partnership led to a 37% decrease in customer complaints related to data errors and a 20% improvement in underwriting efficiency, significantly boosting overall operational performance.

Speak to our team about your use case today

We help your start-up get ahead

Digital Innovation for a Startup Insurance Broker

An ambitious startup aimed at disrupting the insurance market with afully digital, mass-affluent product, focusing on personalised insurance solutions through cutting-edge data analytics.

Challenge

The startup required detailed property data to enhance underwriting and tailor insurance offerings, needing insights on rebuild values, flood risks, and other critical property characteristics.

Solution

Collaborating with Chimnie provided the startup access to unparalleled property data, including granular, per-property flood risk assessments and accurate rebuild cost estimates. This comprehensive data enabled them to offer accurate and personalised quotes. The startup saw a 25% increase in quote accuracy and a 20% reduction in underwriting time.

We help your start-up get ahead

Streamlining Loan Approval Process for a Major Lender

A major lender in the financial sector aimed to enhance its loan approval process by leveraging advanced property data analytics. The lender sought to improve the accuracy of property valuations and risk assessments to expedite loan approvals and reduce default rates.

Challenge

The lender struggled with a fragmented data landscape, relying on multiple outdated systems to manually gather property information. This fragmentation led to inconsistent property valuations and risk assessments, causing delays in loan approvals and higher default rates. The lender needed a unified, automated real-time data solution to streamline their operations and improve decision-making accuracy.

Solution

"Chimnie's integrated property data platform provided the lender with a single, reliable source of truth for property valuations and risk factors. By consolidating data from various sources into one cohesive system, Chimnie enabled the lender to perform real-time property assessments and risk evaluations. This transformation resulted in a 30% reduction in loan processing times and a 23% increase in customer satisfaction.

Transform your processes

Harness the power of big data

Optimising Data for Niche High-Risk Property Insurance

A brokerage specialising in niche high-risk properties sought to revolutionise their approach through data-driven pricing models and underwriting processes.

Challenge

The broker required more accurate and comprehensive data to enable straight-through processing and accurately price high-risk properties, aiming for digitisation and automation. The existing manual processes were time-consuming and prone to errors, leading to a 15% higher operational cost compared to industry standards.

Solution

By utilising Chimnie's data services, the brokerage gained insights into property risks and values, enabling automation and digitisation of pricing models. This collaboration allowed for improved risk assessment and underwriting efficiency, fostering business scalability in the high-risk property insurance sector. The implementation of Chimnie's data services resulted in a 30% reduction in processing time and a 16% increase in customer satisfaction.

Harness the power of big data

Enhancing Risk Assessment for a Leading Mortgage Lender

A prominent mortgage lender sought to improve its risk assessment processes and streamline its underwriting procedures to better serve its clients and maintain a competitive edge in the market. The lender aimed to enhance its decision-making capabilities to handle an increasing volume of applications, which had grown by 15% annually over the past three years.

Challenge

The lender faced challenges in accurately assessing property values and potential risks associated with mortgage applications. They required more comprehensive and reliable property data to make informed decisions and minimise the risk of defaults. Previously, the approval process involved consulting multiple data sources manually, which was time-consuming and prone to errors.

Solution

Chimnie's API solution provided the lender with a single source of truth for property characteristics, market trends, and potential risks. This comprehensive data integration enabled the lender to enhance its risk assessment models, streamline its underwriting processes, and make more informed decisions when approving mortgage applications. Customer satisfaction scores rose by 20%, and underwriting processing times were reduced by 30%.

Enhance your risk assessment

Optimise your targeting

Empowering Green Home Renovations with Comprehensive Property Data

A pioneering home renovation company, specialising in sustainable home improvements, aimed to use data analytics to address the challenge of transitioning properties from traditional to more environmentally friendly systems - such as replacing gas heating systems with heat pumps. The company sought to make a significant impact on the environment by reducing carbon emissions and improving energy efficiency in homes.

Challenge

To optimise their marketing efforts and service provision, the company needed specific information on property energy performance, existing heating systems, and energy efficiency ratings. Without this data, their marketing strategies lacked direction and precision, leading to ineffective targeting. For instance, they found that only 11% of their marketing campaigns reached homes with outdated heating systems, and their conversion rate was a mere 2%.

Solution

Chimnie, with its exhaustive property data, came on board to provide the necessary insights to the company. With access to detailed Energy Performance Certificate (EPC) information, heating system types, and other property-specific data, the company was able to offer their services to properties most likely to benefit from green upgrades. This targeted approach led not only to increased business but also to a broader adoption of sustainable energy solutions in the residential sector. The company saw a 38% increase in conversion rates, culminating in a win for both the company and the environment.