(Shopping mall in old GPO building, Melbourne. Photo credit: Donald Y. Tong.)
Verisk Analytics Insurance Solutions – Commercial Property (Jersey City, N.J.), a division of Verisk Analytics, now provides underwriters with instantly available verified property data that specifically completes and validates the key field on a building owner policy or standard commercial property insurance application, according to a vendor statement.
“Getting current and accurate information for an application for commercial property insurance is vitally important for underwriting and pricing,” comments Anil Vasagiri, vice president, Verisk Insurance Solutions – Commercial Property. “Lacking that information, BOP and middle-market carriers and agents are sometimes forced to make assumptions about a property. Our field-verified data helps avoid that often-costly dilemma and does it in a way that can actually reduce the time to quote the policy.”
Verisk reports that it can provide virtually all the key elements of BOP or a standard commercial property insurance application. Carriers can use the prefill solution through a secure, easy-to-use API (application program interface) to extract data from Verisk’s ProMetrix commercial property database of more than 3.5 million commercial buildings and more than 6 million businesses, as well as verified third-party sources, according to the vendor
“The more accurate and complete information a carrier has, the more competitive it can be in the market,” adds Vasagiri. “No carrier wants to be at a competitive disadvantage, particularly when the solution also speeds its ability to quote.”
Reliable, Actionable Information
Verisk says it can provide reliable, actionable information that includes more than 250 attributes related to construction type, number of stories, number of basements, year built, total area, roof type (for enhanced wind properties), other occupancies, fire protection on premises (sprinklers, standpipes, CO2/chemical systems), responding fire station, fire protection area, distance to the nearest fire hydrant, and Verisk’s proprietary Building Code Effectiveness Grading Schedule (BCEGS) classification.