Verisk has announced that Citizens Property Insurance Corporation, a not-for-profit insurer in Florida, will adopt its Aerial Imagery Analytics solution to help “provide a more comprehensive view of risks across the state.”
According to Verisk, it submitted a proposal to provide the service to Citizens, which then evaluated the solution against competing vendors.
In addition to Aerial Imagery Analytics, Citizens is also licensing Roof Age, Homeowner Data, and Property History Solutions from Verisk.
Forrest White, underwriting director at Citizens, commented, “Working with Verisk was easy. Leveraging aerial imagery from Verisk in our underwriting process will help us make more informed decisions about risk selection for property inspections.”
Verisk explained that it collaborates with Vexcel Data Program, “the world’s largest aerial imagery program,” to source imagery and elevation models and then applies computer vision machine learning to derive its library of imagery analytics for P&C insurers.
“Ultra- and high-resolution aerial imagery is available, covering 99.6% of U.S. structures today. Imagery is refreshed up to three times each year in urban areas, with analytics pre-processed to enable faster data delivery and empower automated underwriting,” Verisk said.
Doug Caccese, president of risk assessment at Verisk, commented, “We’re confident in Citizens’ ability to implement Aerial Imagery Analytics from Verisk’s broad line of solutions that support insurers at each step of the insurance value chain to significantly improve its underwriting process.
“Our solution is designed to provide the accuracy and breadth of analytics needed for more precise underwriting.”
