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Verisk (Jersey City, N.J.), a global provider of data and analytics solutions to the insurance industry, has announced the introduction of BINS (Building Identification Numbering System) to address the challenges insurers and reinsurers commonly face when assessing property risks for multiple buildings and units that share a common address. BINS utilizes geospatial data and proprietary technology to create an inventory of commercial and residential structures, according to the vendor.
Leveraging a database of more than 125 million structures covering all 50 U.S. states, BINS enables insurers and reinsurers to identify whether the address they’re evaluating represents a building, a unit in a building, or a collection of buildings, Verisk says.
“For insurers and reinsurers, evaluating property data for use in their risk assessment workflows can be time-consuming, resource-intensive, and inaccurate,” comments Jonathan Holden, VP, data acquisition, Verisk. “BINS can significantly increase their efficiency and accuracy by optimizing their data with entity resolution, enhanced geolocation, and a unique identifier per property.”