Property information and analytics provider CoreLogic has announced the completion of its acquisition of Location, Inc., a firm specialising in geographic data sciences and predictive analytics for businesses in the US and Canada.
CoreLogic believes the acquisition will expand its insurance risk analytics and real estate insights for non-weather water and fire, hail, and crime risk data.
Location’s RiskSuite and NeighborhoodScout solutions combine spatial and property risk assets with machine learning and analytics expertise to provide market insights, projections and risk assessments for the insurance, real estate, and finance sectors.
Commercial and residential underwriters can utilise the firm’s claims risk products predict loss costs for perils such as water, fire and hail.
CrimeRisk also provides Location clients with crime risk data and can be used to help mitigate risk and uncertainty in the underwriting workflow.
“Location, Inc.’s unique risk analytic products enhance the CoreLogic offering for property and casualty insurance by expanding our capabilities in predictive, location-based analytics,” said Steve Brewer, Executive, Insurance and Spatial Solutions for CoreLogic.
“Together, we will complete the puzzle on some of the unknowns insurers face with risk assessment for non-weather water and fire loss – a true industry first,” Brewer continued.
“Our commercial and personal lines customers can now benefit from the most granular, accurate and predictive set of risk variables to mitigate risk, increase profitability and drive value for their customers.”
Andrew Schiller, CEO of Location, also commented: “As a deeply creative team led by Ph.D. scientists, we are passionate about providing uniquely accurate insights into where – and how – some of the most pervasive risks arise in property and casualty insurance, whether they be from structure fire, non-weather water, hail claiming patterns, or crime and liability losses.”
He added: “Joining CoreLogic means our data products will be more widely available, easier to integrate via great platforms like RiskMeter™ and Underwriting Center™, and our innovation roadmap can advance at scale.”