Verisk launches geolocation tool for property risk assessment

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Verisk launches geolocation tool for property risk assessment

By staff reporter 2022-10-13

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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