An Industry First, Canadian Property Insurers Can Unearth Insights from Building Permits with Verisk’s BuildFax
Robust Analytics will Help Insurers Track Changes to Homes and Commercial Properties Over Time, Ensure Customers Have the Coverage They Need
JERSEY CITY, N.J. February 17, 2021 — Canadian insurers can now use robust analytics from building permits to refine their underwriting and ensure their customers have the property coverage they need as their lives, homes and businesses evolve. These new analytics come from Verisk (Nasdaq:VRSK), a leading global data analytics provider, which has expanded its BuildFax property condition and history solutions into Canada.
BuildFax provides insurers with critical information about property conditions derived from previously untapped building permit data including remodeling, renovation and maintenance activity, major system updates, solar installations, pool construction and other critical property characteristics. With its unique and growing database, BuildFax solutions encompass more than 1 billion data points on residential and commercial properties in Canada and is continually expanding.
BuildFax expansion into Canada boosts insurers’ digital transformation agenda
“Insurers are often unaware of changes in the properties they insure, making it difficult for them to make informed underwriting decisions and provide the coverage their customers need,” said BuildFax Managing Director Jonathan Kanarek. “With our expansion into Canada, we’re providing Canadian insurers with data about what actually occurs in properties over time. Leveraging more than 20 years of proprietary data, we can eliminate the guesswork and help underwriters gain new insights into risks, prioritize investments in inspections and improve their customers’ experience.”
The data available through BuildFax is enhanced by Verisk’s deep domain expertise and can be combined with other Verisk property insurance solutions available in Canada. These solutions include Xactimate®, the industry-standard property claims estimating solution; 360Value®, which delivers component-based, replacement-cost estimates; OneXperience™, a digital engagement platform for insurers and policyholders to conduct property inspections; and FireLine®, Verisk’s wildfire risk management tool.
To learn more, visit www.verisk.com/buildfax-canada.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
Edelman (for Verisk)