(Image source: BuildFax website.)
Verisk (Jersey City, N.J.), a provider of data analytics to the insurance industry, has signed a definitive agreement to acquire BuildFax, an Austin, Texas-based provider of property condition and history data, from its shareholders. The majority shareholder of BuildFax is DMGT (Daily Mail and General Trust, London). BuildFax will become part of ISO, a Verisk business, and will enhance ISO’s existing property data and analytics, according to a Verisk statement.
BuildFax uses building permit, contractor, and inspection data to provide information about the condition of properties to insurance and financial institutions. Verisk says the data from BuildFax will enhance ISO’s robust property analytics while helping underwriters gain insight into changes in the buildings they insure.
“Property insurers have traditionally made underwriting decisions without important information about the condition of a building’s roof, electrical system, and plumbing,” comments Neil Spector, president, ISO. “The data that BuildFax provides about building conditions is transforming property underwriting, both at inception and renewal. We’ve been using BuildFax data for years in our powerful Roof Age estimation tool, and we look forward to leveraging the company’s other data in new and unique ways.”
Expanding the Analytics Verisk Can Provide Property Insurers
“Verisk has become a global leader in developing innovative analytics for decision making,” says Holly Tachovsky, president, BuildFax. “Becoming part of the Verisk family will enable us to augment our solutions, expand our reach, and provide added value to our customers.”
“The insights that BuildFax has been able to extract from building permit, contractor, and inspection data will significantly expand the analytics that we can provide property insurers,” comments Mark Anquillare, chief operating officer of Verisk. “These analytics will be able to help insurers in their continuing efforts to underwrite potential and existing customers with increased speed and precision.”