Česká podnikatelská pojišťovna (ČPP) was one of the first companies to digitize apartment valuation for insurance purposes. Thanks to a data solution from Flat Zone, it can now accurately determine the value of an apartment when concluding a contract, prevent underinsurance, and provide clients with adequate insurance coverage. See how the new possibilities have improved the customer experience.
Underinsurance is every property owner's nightmare. At Česká podnikatelská pojišťovna (ČPP), they decided to solve this problem once and for all and abandon non-digital methods of estimation that depend on the client's feelings. Thanks to our real estate market data, the insurance company can now see the real value of apartments immediately, protecting clients from the risk of their insurance not covering damages. Read how our collaboration changed the rules of the game.
Property valuation at ČPP used to be carried out without the support of hard data. Relying solely on the client's verbal estimate, which often unintentionally undervalued the property or deliberately reduced its value in an effort to save on insurance premiums, could lead to underinsurance. In the event of an insured event, the money from the insurance policy was then insufficient to cover the actual damage, which damaged the trust between the client and the insurance company and posed a considerable risk for both parties.
The search for a solution that would be fast, accurate, and automated led ČPP to us. Thanks to our partnership with Intermap Technologies, whose tools the insurance company was already using, the integration of Flat Zone data into ČPP's systems took only a few weeks. Now, brokers and external partners have access to current market prices for apartments directly in the negotiation process. The entire process is turnkey and immediately validates the value of the property without the need for complex data entry or costly offline appraisals by experts.
The client is satisfied because they know where they stand and don't have to worry about anything. The insurance company is satisfied because its portfolio is insured for the correct value.
The benefits of our data are tangible for both sides. The insurance company can be sure that it is offering its clients adequate coverage, while clients gain a realistic picture of the value of their property and, above all, do not have to worry about anything, even over time. Michal Šimon estimates that up to 80% of people who have not purchased real estate in the last two or three years have no idea of its current market value. That is why, together with ČPP, we have made our data available not only internally, but also in a calculator on the insurance company's website, so that everyone can easily and transparently verify whether their property is insured for the correct amount.
However, our cooperation does not end with recruiting new clients, for whom digitalization has made taking out insurance even more convenient. Accurate data is also key to caring for our existing client base. For contracts that are five years old or older, where the value of real estate—for example, in Prague—may have increased by more than 100%, we give the insurance company a strong argument for updating the insured amounts. Thanks to Flat Zone, ČPP can proactively contact clients on the anniversary of their contract and ensure that their property is safe even in times of turbulent price growth in the real estate market.
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