JERSEY CITY, N.J., November 11, 2014 —Verified property data that specifically completes and validates the key fields on a businessowners policy (BOP) or standard commercial property insurance application is now available for underwriters.
The new capability providing more precise information and proprietary data to commercial property carriers is exclusively offered by Verisk Insurance Solutions – Commercial Property, a Verisk Analytics (Nasdaq:VRSK) business.
“Getting current and accurate information for an application for commercial property insurance is vitally important for underwriting and pricing,” said Anil Vasagiri, vice president of 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 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.
“The more accurate and complete information a carrier has, the more competitive it can be in the market,” added Vasagiri. “No carrier wants to be at a competitive disadvantage, particularly when the solution also speeds its ability to quote.”
Verisk 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.
About Verisk Insurance Solutions – Commercial Property
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions – Commercial Property is a leading provider of risk assessment services, comprehensive data, and decision analytics that help leaders in property/casualty insurance, commercial real estate, and community hazard mitigation define, measure, and manage risk and maximize competitive advantage. Drawing upon vast experience in data management, predictive modeling, and risk assessment solutions, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/cp.