Porch Group (NASDAQ: PRCH), a homeowners insurance company, has announced an expansion of its Home Factors property intelligence platform. This update introduces new and enhanced attributes aimed at providing deeper insights into home characteristics for insurance carriers.
The latest additions to the Home Factors platform include electrical panel and sub-panel location, roof life stage segmentation, and updated plumbing material indicators. These new attributes contribute to the platform’s objective of offering over 100 property attributes, covering approximately 90% of U.
S. homes. Home Factors provides both interior and exterior property attribute and condition data, which is designed to assist carriers in improving their underwriting processes, pricing strategies, and risk selection accuracy. The newly released attributes offer enhanced visibility into critical home systems, facilitating stronger risk models and more precise decision-making.
Specifically, the electrical panel location attribute offers insight into where a home’s electrical systems are situated, which can help carriers assess potential fire and maintenance risks. The roof life stage feature segments roofs by age and expected remaining lifespan, enabling more precise risk stratification. Additionally, the updated plumbing material indicators identify the presence of PVC in inlet pipes and CPVC in outlet pipes, which can signal potential long-term durability or risk concerns.
Matt Ehrlichman, Founder, Chairman, and CEO of Porch Group, stated, “These new Home Factors continue our momentum in transforming how carriers assess risk. We’re building a platform that delivers measurable ROI today while setting a new standard for property intelligence in the years ahead.”
Porch Group’s strategy focuses on deploying vertical software solutions in select home-related industries, providing services for homebuyers including moving assistance, leveraging unique data for underwriting advantages, and offering comprehensive protection for policyholders.
