Ease of Adoption/Use

Source7 is simple to incorporate into any business culture or process. Providing the two required inputs grants access to multiple decision-making data outputs that produce valuable product Intelligence. Increasing the number of inputs will generate more comprehensive reporting.

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See all the ways you can implement Source7 by choosing a category below.

 

Loss Control/Risk Management

WATER DAMAGE

Ave. Severity: ~$10,000

2nd Most Frequent

WIND AND HAIL

Ave. Severity: ~$10,000

Most Frequent

FIRE

Ave. Severity: ~$70,000

Low Frequency

THEFT

Ave. Severity: ~$4,000

Low Frequency

values are approximations based on compilation of multiple industry references and years

“Water Damage” is typically a broad category that provides little insight into the actual source of damage and even less capacity to capture any meaningful data for future consideration. 

 

Source7 AI provides much-needed structure and clarity around water damage risk in a home. Through Source7 AI, water damage is classified into additional categories, such as, storm-related water intrusion, freezing, and product failure. Further, product failures can then be defined into product types, such as, water heater, dishwasher, supply line, etc.

 

Source7 AI categorizes products into manageable groups and provides valuable insight into the measurable risk of that product in the home. This insight allows insurers to prevent high-risk losses from occurring and/or provides intelligence to pursue compensation from product failures. 

Product Categories

  • Water Heater

  • Refrigerator

  • Dishwasher

  • Washing Machine

  • Clothes Dryer

  • Plumbing

  • Electrical Panel

 

Inputs*

  • Brand

  • Model

  • Serial

 

*Based on the product some additional information my be required for the best risk assessment. 

Outputs

  • CPSC Recalls

  • Product Failure Intelligence

  • Product Age

  • Product Life Expectancy

  • Product Manuals

  • Replacements Costs

  • Product Features: (e.g. WiFi, Leak Detection Systems, etc.) 

 

Claims/Subrogation

This valuable resource can improve the efficiency and effectiveness of claims professionals by providing the tools to consistently recognize the opportunities consistent with the goals of your organization.
 

Eliminate the time required to determine the product age, recalls, investigation expense, statutes, etc.
 

Consistently document your claim file for future analysis of subrogation, process refinement, and detailed quarterly/annual claims costs.

Product Categories

  • Refrigerators/Freezers

  • Appliance Water Valves

  • Relief Valves

  • Washing Machines

  • Miscellaneous

 

  • Fire Debris

  • Toilet Components

  • Faucets

  • Water Heaters

  • Supply Lines

  • Clothes Dryers

  • Expansion Tanks

  • HVAC

  • Dishwashers

  • Metal Valves & Fittings

  • Plastic Valves & Fittings

  • Water Filters

  • Water Softeners

  • Ice Makers

  • Pumps

  • Ranges/Ovens

Inputs

  • Type of Product*

  • Zip Code or State*

  • Brand

  • Model

  • Serial

  • Estimated Claim Severity

*Required

Outputs

  • Estimated Shipping Cost

  • Estimated Investigation Cost

  • Total Forensic Cost

  • ROI

  • Company Recommendation

  • Workflow Initiation

  • Current Recalls

  • Product Failure Itelligence

  • Product Age

  • Product Life Expectancy

  • Statute of Repose

  • Product Features: (e.g. Wi-Fi, Leak Detection Systems, etc.)

 

Underwriting

Intelligently matching fire and water risk of products to the policy. Products fail – Source7 AI know which have less risk.

 

Clients can define which products they want to add to the product risk assessment of the property. As information is collected at the property, the risk and intelligence is instantly built in the policy management system or portal

Product Categories

  • Water Heater

  • Refrigerator

  • Dishwasher

  • Washing Machine

  • Clothes Dryer

  • Plumbing

  • Electrical Panel

 

Inputs*

  • Brand

  • Model

  • Serial

*Based on the product some additional information my be required for the best risk assessment. 

Outputs

  • CPSC Recalls

  • Product Failure Intelligence

  • Product Age

  • Product Life Expectancy

  • Product Manuals

  • Replacements Costs

  • Product Features: (e.g. WiFi, Leak Detection, etc.) 

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