Insurance data analytics firm Verisk to buy property data analysts BuildFax
Data analytics firm Verisk is set to acquire US firm BuildFax, a provider of property condition and history data, after signing a definitive agreement with the company's shareholders.
BuildFax’s business uses building permit, contractor, and inspection data to provide critical information about the condition of properties to some of the largest insurance and financial institutions in the world. Following the purchase, BuildFax will become part of ISO, a Verisk business. The move is intended to enhance ISO’s existing property data and analytics as well as giving underwriters greater insight into changes in the buildings they insure.
Neil Spector, president of ISO, said “Property insurers have traditionally made underwriting decisions without important information about the condition of a building’s roof, electrical system, and plumbing.
“The data that BuildFax provides about building conditions is transforming property underwriting, both at inception and renewal. We’ve been using [their] data for years in our powerful Roof Age estimation tool, and we look forward to leveraging the company’s other data in new and unique ways.”
Holly Tachovsky, president of BuildFax, said: “Becoming part of the Verisk family will enable us to augment our solutions, expand our reach, and provide added value to our customers.”
Verisk chief operating officer Mark Anquillare said: “The insights that BuildFax has been able to extract from building permit, contractor, and inspection data will significantly expand the analytics that we can provide property insurers.
“These analytics will be able to help insurers in their continuing efforts to underwrite potential and existing customers with increased speed and precision.”
The transaction is subject to the completion of customary closing conditions.
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