UK government-backed reinsurance scheme Flood Re will be launching a new property data service in the first quarter of this year, following a deal with specialist provider Addresscloud.
Under the contract, Addresscloud will build and manage a new Property Data Hub (PDH) for Flood Re, which will provide property specific information to insurers to make more 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.
The update will include 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 from hours to minutes.
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.
The new API and portal is currently being tested, 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 2022.
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.”
Mark Varley, founder and CEO of Addresscloud commented; “Flood Re is core to the continued provision of flood insurance to vulnerable properties across the UK and we are delighted to be able to support the scheme’s work.
“The new API is backed by our proven Match and Intelligence APIs and our highly scalable serverless architecture which will mean fast response times and high accuracy for those looking to access Flood Re.”