(Image credit: Lance Asper/Unsplash.)
Citizens Property Insurance Corporation (Tallahassee), a state-owned, not-for-profit insurer for property owners who cannot find coverage in Florida’s private insurance market, will adopt Verisk’s Aerial Imagery Analytics solution to help provide a more comprehensive view of risks across the state, according to an announcement from global data analytics and technology provider Verisk (Jersey City, N.J.).
Verisk reports that it submitted a proposal to provide the service to Citizens, which evaluated the solution against competing vendors for analytic breadth and accuracy.
“Working with Verisk was easy,” said Forrest White, Underwriting Director, Citizens. “Leveraging aerial imagery from Verisk in our underwriting process will help us make more informed decisions about risk selection for property inspections.”
Verisk says it collaborates with Vexcel Data Program, the world’s largest aerial imagery program, to source imagery and elevation models and then Verisk applies computer vision machine learning to derive its library of imagery analytics for P&C insurers. Through the program, ultra- and high-resolution aerial imagery is available, covering 99.6 percent 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.
Significantly Improve the Underwriting Process
“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,” comments Doug Caccese, president, risk assessment, Verisk. “Our solution is designed to provide the accuracy and breadth of analytics needed for more precise underwriting.”
In addition to Aerial Imagery Analytics, Citizens is also licensing Roof Age, Homeowner Data, and Property History Solutions from Verisk. The vendor says that imagery and property data sets can be combined for a more complete picture of the risk.