Verisk creates innovative solution for property risk assessment

Global data analytics provider  Verisk has developed an innovative geolocation solution for re/insurers to assess property risks with increased accuracy and efficiency.

Verisk said many insurers and reinsurers face challenges when assessing property risks for multiple buildings and units that share a common address. To solve this problem and simplify underwriting and portfolio management processes, it has created a BINS (Building Identification Numbering System), which utilises satellite imagery, geospatial data and proprietary technology to create an inventory of commercial and residential structures.

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.

“For insurers and reinsurers, evaluating property data for use in their risk assessment workflows can be time-consuming, resource-intensive, and inaccurate,” said Jonathan Holden, vice president of data acquisition for Verisk. “BINS can significantly increase their efficiency and accuracy by optimizing their data with entity resolution, enhanced geolocation, and a unique identifier per property.”

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