LEHI, Utah, Aug. 4, 2015 — Verisk Insurance Solutions, a leading data analytics provider to the property/casualty insurance industry, today announced it has reached long-term agreements with a range of leading U.S. aerial imagery and data-capturing firms to accelerate the collection of high-quality imagery and data for Property InSightTM. By ramping up the collection of imagery and data, Verisk Insurance Solutions and its Xactware business are ensuring robust geographic coverage with high-quality imagery and data captured specifically for the needs of the property insurance industry and other building professionals. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
Xactware uses proprietary algorithms to process the high-quality imagery and data to provide property professionals with detailed information about the exterior of a structure, including roof and exterior plans with all dimensions; 3D property models; hazards, property conditions, and analysis of building materials; a landscaping plan; plans and information for windows, doors, decks, swimming pools, and outbuildings; high-resolution aerial images; and much more.
Property InSight can be used by all types of building professionals for a wide range of purposes, including remote exterior building inspections and risk assessment; creating reconstruction estimates after a damaging event; determining the squares of roofing for roof replacement; and much more, including information used to estimate siding, rain gutters and downspouts, soffit and fascia, awnings, and so on.
Property InSight helps significantly reduce the time property professionals typically spend at a site measuring, determining quantities, and assessing the types of materials used.
“This accelerated timetable will significantly speed our work to expand the reach and quality of Property InSight,” said Jim Loveland, president and CEO of Xactware. “The demand for high-quality imagery and for data captured specifically for property workflows continues to grow. This initiative strengthens our coverage in many key areas in the United States with higher-quality information at a faster pace.”
This latest initiative is the most recent step in ongoing efforts to extend Verisk’s leadership in multispectral, multitiered imagery solutions to serve the needs of property professionals, and it builds on the addition of world-renowned geospatial experts from AMS Geomatics to the Verisk Insurance Solutions geospatial team earlier this year.
“Collecting high-quality, reliable data for Property InSight is a key component of the database,” said Jeffrey C. Taylor, vice president of Geospatial and Pricing Solutions at Verisk Insurance Solutions. “This latest initiative illustrates our long-term commitment to the highest-quality imagery and data that will provide our customers with the best possible information about structures for making robust decisions in a cost-effective way.”
Property InSight data can be requested through the Xactimate® claims-estimating solution, the XactAnalysis® claims management network, or the 360Value® insurance-to-value underwriting solution.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.