London, UK (Feb. 24, 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, 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.
For more information, visit www.verisk.com/buildfax-canada.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.
SOURCE: VeriskTags: analytics, industry first, Verisk