Delivering Comprehensive Property Risk Solutions to Nationwide Building Society

Nationwide Building Society needed a tailored but affordable solution to update how they manage their property risk portfolio and improve customers’ experience. Nationwide selected Airbus as a strategic supplier with an equally innovative culture.

Geospatial Financial Hub

Insurance and Finance

United Kingdom

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Considered one of the most stressful life experiences, the buying and selling of property is an infrequent transaction. Consequently, property buyers remain unaware of the inefficiencies within the mortgage lending process.

Key issues occur when insurers refuse to grant a building insurance policy on a property at high risk of flood, as the risk is usually identified at the final stages of the process. Both time and money have then been wasted by all parties.

Challenge

Property conveyancers, valuers and underwriters each work in isolation and, as such, rarely share property information. This can lead to additional costs, risks to lenders, and ultimately delays to the customer during the purchase process. Currently, stakeholders make decisions based on assumptions, and undisclosed information leads to substandard customer service, rejected mortgage applications and futile monetary ties.

Solution

Nationwide Building Society, the second largest lender in the UK, needed a tailored but affordable solution to update how they manage their property risk portfolio and improve customers’ experience. Nationwide selected Airbus as a strategic supplier with an equally innovative culture. Airbus committed to innovating change in the mortgage market by delivering environmental risk data that supports mortgage Decisions In Principle (DIP).

Airbus supplied Nationwide with advanced datasets integrated from numerous relevant data providers. The result was a comprehensive and property-specific solution to support lending decisions based on the insurability of the property.

This provides a solution for mortgage lenders to make efficient and accurate environmental risk assessments at a property level.

GB region flooded image - GFH case study

Airbus supplies multiple geospatial datasets:

All datasets are accessed on a secure online visualisation platform.
Datasets are styled in a binary format for ease of use by the user.
APIs allow additional data to be layered in continuously with built-in geo-processing.
Information is updated every six weeks to enable the regular addition of data on new builds and to remain up to date.

Every residential address in Great Britain is appended with:

Case study

A binary flood risk score

Case study

A binary subsidence risk score

Benefits

Through a centralised data management process, lenders and underwriters can realise efficiencies whilst making immediate decisions on insurance and mortgage applications.
Users quickly derive value from the vast archives of data delivered.

Customer experience is improved by reducing wasted time and money. Quick decisions allow the customer to renegotiate the property purchase price or discontinue the transaction.

Provides Nationwide with the data and platform from which to maintain and grow a lower risk mortgage portfolio and enhanced insurability for its customer’s homes.