JERSEY CITY, N.J., April 15, 2016 — In addition to insurers, reinsurers, and agents, Verisk’s verified data solution for commercial properties is now available to managing general agents (MGA), managing general underwriters (MGU), and program administrators. MGAs, MGUs, and program administrators will now be able to more accurately calibrate loss estimations for individual fire risks and catastrophe modeling through the enhanced data service, which is available from Verisk Insurance Solutions, a Verisk Analytics (Nasdaq:VRSK) business.
“With the expanded availability, MGAs, MGUs, program administrators, and those in excess and surplus lines markets can now reduce or eliminate uncertainties in their catastrophic and other risk management programs just as much as any carrier. And, for all of them, that starts with accurate information,” said Peter de Freitas, vice president, ProMetrix and Consulting Services, Verisk Insurance Solutions. “We’re offering our data service to these target markets to give them the same advantage.”
Construction class, year built, and number of stories are significant inputs to a risk model. Because inaccurate property data can significantly skew an average annual loss (AAL) generated by even the best model, Verisk’s data is site verified by field staff.
Verisk provides data for both primary and secondary exposure characteristics, which contains field-verified information on ten key exposure elements, including location geocoding (latitude/longitude), ISO and AIR Worldwide construction class, primary business classification, number of stories, year built, building size (in square feet), roof geometry, roof covering, exterior walls, and basement indicator.
“Our data, combined with the actuarial science, meteorology, and seismology of a reliable model, is the gold standard,” said de Freitas. “With another windstorm and hurricane season looming, it’s an excellent time to refresh or address your risk management strategy, risk concentration issues, and improve pricing segmentation related to exposures.”
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 unique data assets and deep domain expertise to provide innovative solutions that are integrated into customer workflows, 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.