Verisk, a global data analytics provider, has launched a geolocation solution for commercial and residential risk assessment.
Verisk offers a range of analytic solutions to help insurers and reinsurers make more informed decisions about risk, streamline workflows, and improve profitable growth.
These solutions include robust extreme event models and underwriting analytics for millions of commercial and residential properties around the world.
The solution, BINS (Building Identification Numbering System), utilizes geospatial data and proprietary technology to create an inventory of commercial and residential structures.
Verisk developed the solution because many insurers and reinsurers face challenges when assessing property risks for multiple buildings and units that share a common addres.
Leveraging a database of more than 125 million structures covering all 50 US states, BINS enables insurers and reinsurers to identify whether the address they’re evaluating represents a building, a unit in a building, or a collection of buildings.
Jonathan Holden, vice president of data acquisition for Verisk, said “For insurers and reinsurers, evaluating property data for use in their risk assessment workflows can be time-consuming, resource-intensive, and inaccurate. BINS can significantly increase their efficiency and accuracy by optimising their data with entity resolution, enhanced geolocation, and a unique identifier per property.”
Veirsk recently partnered with Vexcel Data Program, the world’s largest aerial imagery programme, to help insurers accelerate their response to the widespread property damage caused by Hurricane Ian.
Vexcel’s disaster imagery is integrated into Verisk’s Respond MAP platform, which delivers five-day hurricane wind forecasts and leverages artificial intelligence, geospatial technology, and robust property and claims data to analyse damage.
Also earlier this year, Aurenity, a managing general agent (MGA) in the excess and surplus (E&S) insurance market, partnered with Verisk to leverage its solutions. The partnership will see Aurenity deploy multiple underwriting and rating solutions from Verisk to get a better view of risk and pricing in the E&S market.
Copyright © 2022 FinTech Global
