Verisk Analytics has reportedly acquired geospatial technology company LocationAware.io to improve its property insurance solution.
LocationAware.io will be incorporated into Verisk’s Xactware business, according to a report from Coverager. Xactware designs tools and software for the property insurance space, offering claims estimation, contents estimation, weather analytics, claims management, remodelling estimation, policyholder self-serve and more.
By incorporating the LocationAware.io services, Xactware will be able to access real-time resource and personnel tracking for the building and repair work.
LocationAware.io is a GPS tracking solution that allows customers to get live updates on where their products and services are. Company managers can also use the technology to know where their team is and send them out to nearby jobs.
Through this, Xactware is hoping to give companies the ability to better match staff with jobs, but also give customers greater clarity on the work being done.
Verisk is no stranger to acquisitions. Last year, the analytics company completed a $193.5m buyout of FAST, software company for the life insurance and annuity industry. The company provides a SaaS suite of out-of-the-box components that life insurers can use to quickly enhance or replace their legacy policy administration systems.
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