Valocity re-invents Reinstatement Insurance with myrebuild

Auckland based Fintech company; Valocity has announced a new solution to the complex problem of calculating rebuild costs for reinstatement insurance.

When insuring a home; should an unfortunate event occur requiring a property to be rebuilt, lenders, insurers and property owners will often utilise a calculator to determine the rebuild cost.

“For far too long rebuild calculators have been inflexible, complicated and designed for the mainstream using generic assumptions. They fail to take into account New Zealand’s unique natural and built environment risks, says Valocity Founder and CEO, Carmen Vicelich.

There’s a huge risk for insurers and consumers of under or over insuring if customers get ‘question fatigue’ through the process of estimating the sum insured.”

Recognising a clear need and gap in the market, Valocity has combined its data, analytics and technology skills to deliver myrebuild.co.nz, an innovative new solution to transform the New Zealand insurance market.

The Valocity myrebuild model combines unique proprietary data, which for the first time leverages rich nationwide household rebuild data maintained by quantity surveyors and valuers in combination with building consent history and risk data, actively maintained through a feedback loop.

With rising building costs and increased risk exposure, insurance is a growing concern for New Zealand homeowners. The need has never been greater for:

• Increased data and knowledge to understand risk and property details to support informed fact-based decision making
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• Increased transparency, education and information sharing, to enable all participants in the insurance ecosystem to understand the information available and its accuracy, coverage, and meaning
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• Improved customer experiences, to deliver a more seamless and relevant customer journey
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• Agile models that factor in the changing costs and dynamics of the market, creating an always-on, best-in-class estimate

Valocity has developed this innovative customer-centric solution in close collaboration with the BNZ, who have welcomed the opportunity to be involved with the introduction of an advanced reinstatement insurance model designed for the unique NZ landscape, creating a connected, empowered, customer and lender journey.

Paul Carter, BNZ Chief Customer Officer, says, “Customers expect seamless digital experiences in nearly everything they do now, and banking is no different. At BNZ we’re focussed on rising to meet those expectations, delivering a fast and simple customer experience.

“Valocity’s myrebuild helps us iron out what can be a tricky part of the home buying journey. Getting the right level of cover for your home is critically important, and existing solutions are very click-heavy experiences, demanding a lot of time and information from the customer.

“myrebuild will allow our customers to simply and easily get their cover sorted, and we’re building it right into the digital journey. That means it’s one less thing to think about and one less task to complete, letting our customers focus on the joy and excitement of owning their new home,” says Carter.

Valocity’s cloud-based property valuations platform focuses on delivering customisable and seamless customer experiences that connect an entire ecosystem.

CEO and Founder of Valocity Carmen Vicelich says “Valocity is uniquely placed to connect key insurance stakeholders, allowing banks and lenders to integrate directly with insurers and their customers.”

The Valocity platform uses data, machine learning and intelligent insights to drive new rebuild calculators through its myrebuild.co.nz consumer portal.

“This is another game-changer for the industry, says Carmen Vicelich. “The Valocity team, along with our technology, innovation and strategic partners, have collaborated to solve a complex problem, to drive process efficiency for insurers and banks, while creating a more streamlined digital experience for customers.”

To find out more visit myrebuild.co.nz

About Valocity

Valocity is a New Zealand Fintech company with customers in New Zealand, Australia, Asia, and India.

Valocity connects the entire ecosystem of lenders, brokers, valuers, and their customers in One Smart Platform to streamline and automate the property valuation process for lending and insurance.

Valocity won Fintech Start-up of the Year at the 2019 India Fintech Awards and was a top 10 finalist in the Global Fintech Awards at the 2018 Singapore Fintech Festival.

Founder and Global CEO Carmen Vicelich has been announced as a finalist in this year’s India Fintech Women of Influence awards and was a finalist in the recent New Zealand Women of Influence Awards.

For more information please visit valocityglobal.com

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