- Porch Group (PRCH, Financial) launches three new Home Factors for improved property risk segmentation.
- The enhancements focus on water intrusion detection, a critical factor in property damage assessment.
- Porch aims to offer over 100 Home Factors by the end of 2025 to enhance underwriting precision.
Porch Group (PRCH) has unveiled three new interior Home Factors focusing on signs of water intrusion in homes. This initiative is designed to improve risk segmentation and underwriting precision in the home insurance industry. By the end of 2025, the company plans to have over 100 such attributes available to provide a comprehensive understanding of 90% of properties across the United States.
The Home Factors are part of Porch’s next-generation property intelligence platform that uses advanced AI-driven models to analyze both interior and exterior home conditions. By transforming this data into actionable insights, insurers will be empowered to make more informed decisions regarding pricing, underwriting, and loss prevention.
Third-party carrier analyses reveal that water intrusion damage can lead to a 40% increase in claims frequency. "These new Home Factors allow insurers to access more property characteristics and understand what's happening inside a home," said Michelle Taves, VP and Group GM of Data and Marketing at Porch.
Matt Ehrlichman, Founder and CEO of Porch Group, emphasized that unique data is central to the company’s strategy. The expansion of Home Factors for internal underwriting and external monetization remains a top priority, with Porch being well-positioned to reach its goal of releasing 100 Home Factors by year-end.
For further details on Porch’s Home Factors data products, visit their official website. Porch Group, Inc. (PRCH, Financial) continues to innovate the homeowners insurance landscape through advanced property intelligence and strategic data deployment.
