Verisk launches geolocation tool for property risk assessment

Global data analytics provider, Verisk, has launched its new Building Identification Numbering System, which uses geospatial data and proprietary technology to create an inventory of commercial and residential structures.

Leveraging a database of more than 125m structures covering all 50 US states, BINS enables insurers and reinsurers to identify whether the address they’re evaluating represents a building, a unit in a building, or a collection of buildings.

“For insurers and reinsurers, evaluating property data for use in their risk assessment workflows can be time-consuming, resource-intensive, and inaccurate,” said Jonathan Holden, vice-president of data acquisition for Verisk. “BINS can significantly increase their efficiency and accuracy by optimising their data with entity resolution, enhanced geolocation and a unique identifier per property.”

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