(Location, Inc. crime heatmap.)
Location, Inc. (Worcester, Mass.), a provider of location-based analytics, has launched predictive crime analytics in Canada, providing U.S.-Canadian total, violent and property crime comparisons.
“Location, Inc. offers the best, most spatially accurate crime analytics available today,” claims Andrew Schiller, CEO and Founder of Location, Inc. “With seamless national coverage of violent and property crime risk for any address, our exclusive data now provides both U.S. and Canadian insurers with out-of-the-box predictive analytics to understand and proactively manage exposure to crime risk.”
For its Canadian crime analytics, Location, Inc. reports that it collects raw data reported from 544 Police Service Areas for the country and passes this crime incident and severity information through hundreds of spatial algorithms to process the approximately 800,000 reported crimes. The result, Location, Inc., claims, is nationally comparable crime data of unprecedented accuracy, with seamless coverage for every dissemination area—Canada’s smallest, standard geographic area for census data—and address in Canada.
Precise, Prebuilt Solution
“Currently, there is no easy way for insurers in Canada to leverage predictive violent and property crime analytics in their underwriting, claims, actuarial, and marketing departments,” Schiller elaborates. “With this release, Canadian insurers can now take advantage of a precise, prebuilt solution to help them compete in a digital marketplace by streamlining operations, eliminating risks in the early stages of the underwriting process, improving in-house or external modeling results, and strategically routing potentially fraudulent claims to special investigative units (SIUs).”
Over 100 U.S. insurers access Location, Inc.’s Crime Risk Analytics via API or bulk file processing, according to the vendor. The same consumption options are now available to Canadian insurers.