LexisNexis Risk Solutions, a provider of data, analytics and technology solutions for insurance carriers, has announced its new alliance with Vexcel Data Program, a specialist in aerial imagery and geospatial data.
This alliance elevates LexisNexis Rooftop geospatial and aerial intelligence capabilities. An integral part of end-to-end property intelligence solution, LexisNexis Total Property Understanding, the solution offers customers two Rooftop models to choose from.
This includes a geospatial model enhanced by comprehensive claims datasets from LexisNexis Risk Solutions, as well as a geospatial imagery model that utilises manned fixed-wing aerial imagery to provide carriers with first-hand visibility of the roof in addition to over 30 imagery-analytics attributes.
Randy Ishikawa, director, home insurance, LexisNexis Risk Solutions, said: “LexisNexis Rooftop leverages a vast database of industry personal lines claims, which in combination with weather and property data is much more predictive of future loss than imagery and weather data alone.
“This enables insurers to determine the likelihood of a future claim that is backed by deep analysis of industry-leading aerial imagery without having to review the actual pixels. And if an insurer wants corresponding imagery, Rooftop delivers a new and improved imagery solution with more than 30 proprietary imagery-analytics attributes. Combined with our geospatial solution, that is almost 80 additional risk attributes for property assessment.”
As Vexcel enhances imagery capabilities in the Total Property Understanding suite of solutions. Seamlessly integrating advanced weather, claims and property data with aerial imagery, LexisNexis Rooftop goes beyond traditional home insurance risk assessment methods by helping to predict future roof claims and providing an option to review and enable imagery whenever the claim risk is high. This innovative approach helps improve accuracy and efficiency which can help redefine the way insurers assess property risks.
The partnership with Vexcel brings enhanced imagery capabilities into the Total Property Understanding suite of solutions. These features include seamless integration into Total Property Understanding, better imagery and analytics, loss propensity model feature, and powerful propensity model feature.
“These aerial and geospatial enhancements to LexisNexis Rooftop are a huge advancement within the Total Property Understanding suite,” said Cole Winans, vice president and general manager, property solutions, LexisNexis Risk Solutions.
Adding: “By aligning with Vexcel and its expertise in camera aerial systems and photogrammetry software, we are empowering insurers with some of the most advanced tools available today to accurately assess property risks, streamline underwriting processes, and make more informed decisions to better serve consumers.”
Rob Agee, chief operating officer at Vexcel Data Program, noted: “High resolution imagery is quickly becoming a fundamental need in analysing properties and roofs at scale.
“Global platforms like LexisNexis need highly accurate, consistent, and complete coverage, both urban and rural, to solve several unique challenges for property risk and insurance claims. We are pleased to be working with LexisNexis to provide a clear picture to enable their property insights.”
