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Property Characteristic Data

InterChange: Simplifying Data Collection at Policy Inception

Collecting reliable housing data is simplified and streamlined with MSB InterChange™, a dynamic, continually updated database of accurate home characteristics that brings new efficiencies to quoting and binding homeowners insurance.

InterChange easily slips into your existing insurance-to-value processes and point-of-sale tools. Accurate, home-specific data is available at policy inception, eliminating the need for policy and premium corrections that can lead to disputes with customers or policy cancellations. Because premiums and coverage limits are based on true property characteristics, you know the premium you charge is adequate and appropriate.

Reliable Insurance-Ready Data™

InterChange works by assigning a unique identifier, similar to a Vehicle Identification Number (VIN), to each single-family owned residence in the United States. Based on this unique identifier, InterChange builds a “Master Record” that tracks documented changes for each residence and archives them as historical snapshots. The home characteristic data in the Master Record comes from multiple resources including the real estate, financial, and insurance sectors, as well as from remodeling activity.

This reliable, validated data is ready to use at the underwriters’ fingertips and the agents’ point of sale in two simple steps:

1. Enter your customer’s home address. InterChange searches for a matching address and quickly returns information when a match is found.  The home characteristic data automatically populates the Residential Component Technology™ (RCT) tool in your valuation workflow.
   
2. Verify the home information with the homeowner and calculate the reconstruction cost.  
   

Flexible data and service-level options

InterChange data is available through two service-level options:

• InterChange Data Through MSB Express™ and RCT – Aggregated data from multiple, reliable property characteristic data sources delivered in RCT hosted on MSB Express.
• InterChange Revaluation Service – A match and append service performed by MSB utilizing aggregated data from multiple, reliable property characteristic data sources to update carrier RCT records and revalue for renewal or other activities.

InterChange also includes an optional information-sharing model for insurance carriers:  

• Insurance Industry Consortium Data – Home characteristic data is shared among participating companies. This insurance industry consortium data is an optional feature of InterChange, and is only available to participating carriers.

RCT with MSB Express – An Invaluable InterChange Platform

You will experience even greater efficiency, economy, and consistency in your home insurance underwriting and sales processes by combining InterChange with RCT and MSB Express. Agents have more time available for sales as quote time and underwriting are reduced. Underwriters easily and quickly verify applications, and because home characteristics can be easily validated, the number of physical inspections ordered on new business can be controlled.

Because the validated, Insurance-Ready Data provided by InterChange assures that policy limits are based on true property characteristics of each home it ensures that the premium charged matches the risk you have assumed.