Through the addition of Location’s risk analytic products, CoreLogic is expected to expand its capabilities in predictive, location-based analytics
CoreLogic has acquired Location, a US-based geospatial data provider, in a move to expand its insurance risk analytics and real estate insights for its customers.
Location caters to US and Canadian businesses with its geographic data sciences and predictive, location-based analytics.
The company had developed the RiskSuite and NeighborhoodScout solutions to offer market insights, projections and also risk assessments for the insurance, finance, and real estate sectors. The two solutions are said to combine Location’s deep spatial and property risk assets with its expertise in advanced machine learning and analytics.
RiskSuite is a suite of SaaS products that are used for risk prediction by property and casualty insurers.
For commercial and residential underwriters, Location offers the non-weather WaterRisk, FireRisk, HailRisk solutions and other claims risk products.
The company also offers CrimeRisk, a high-resolution crime analytics solution that provides crime risk data on the market. CrimeRisk is used by insurers in North America to help in mitigating risk and also uncertainty in the underwriting workflow.
Location CEO comments on joining CoreLogic
Location CEO Andrew Schiller said: “As a deeply creative team led by Ph.D. scientists, we are passionate about providing uniquely accurate insights into where – and how – some of the most pervasive risks arise in property and casualty insurance, whether they be from structure fire, non-weather water, hail claiming patterns, or crime and liability losses.
“Joining CoreLogic means our data products will be more widely available, easier to integrate via great platforms like RiskMeter and Underwriting Center, and our innovation roadmap can advance at scale.”
Based in California, CoreLogic serves insurance carriers, real estate professionals, financial institutions, and others with property data solutions, services and technologies.
Through the addition of Location’s risk analytic products, the company is expected to expand its capabilities in predictive, location-based analytics, thereby enhancing its solutions for property and casualty insurance.
CoreLogic insurance and spatial solutions executive Steve Brewer said: “Together, we will complete the puzzle on some of the unknowns insurers face with risk assessment for non-weather water and fire loss – a true industry first.
“Our commercial and personal lines customers can now benefit from the most granular, accurate and predictive set of risk variables to mitigate risk, increase profitability and drive value for their customers.”