(Image source: Location, Inc. homepage.)
CoreLogic (Irvine, Calif.), a provider of property information, analytics and data-enabled services, has announced the completion of the company’s acquisition of Location, Inc., a Worcester, Mass.-based provider of geographic data sciences and predictive, location-based analytics for businesses in the U.S. and Canada.
Location, Inc.’s proprietary RiskSuite and NeighborhoodScout solutions combine the company’s spatial and property risk assets with advanced machine learning and analytics expertise to provide market insights, projections and risk assessments for the insurance, real estate, and finance sectors, according to CoreLogic’s statement on the acquisition. Commercial and residential underwriters use Location, Inc.’s suite of claims risk products, including non-weather WaterRisk and FireRisk, as well as HailRisk, as a claim probability and severity platform that predicts loss costs for these perils. CrimeRisk, the company’s high-resolution crime analytics, offers the most accurate and trusted crime risk data on the market today and is used by insurers across North America to help in mitigating risk and uncertainty in the underwriting workflow, according to CoreLogic.
Completing the Puzzle of Unknowns
“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,” comments Steve Brewer, executive, Insurance and Spatial Solutions, 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. 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.”
“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,” comments Andrew Schiller, Ph.D., CEO of Location, Inc. “Joining CoreLogic means our data products will be more widely available, easier to integrate via great platforms like RiskMeterTM and Underwriting CenterTM, and our innovation roadmap can advance at scale.”