Hiscox Harnesses CoreLogic Geocoding Technology to Assess Insurance Risks

Rhea-AI Summary

CoreLogic has announced that Hiscox London Market will utilize its PxPoint technology through the RiskMeter platform for enhanced property risk assessment. This advanced geocoding technology allows for precision in determining exposure to natural disasters such as wildfires and floods. By integrating PxPoint, Hiscox can efficiently assess risks and optimize insurance underwriting processes. The collaboration aims to meet modern insurance demands through technology, providing timely insights for better coverage decisions.

Positive

• Hiscox adopts CoreLogic's PxPoint technology, enhancing risk assessment capabilities.
• Integration of PxPoint allows for precise geocoding to the building footprint level, critical for assessing natural disaster exposure.
• Real-time data delivery through high-capacity APIs improves underwriting efficiency and accuracy.

Negative

• None.

RiskMeter provides structure-level location information when assessing a property’s exposure to natural disasters

IRVINE, Calif.--(BUSINESS WIRE)-- CoreLogic, a leading global property data and analytics-driven solutions provider, announced that global insurance carrier Hiscox London Market has adopted the company’s PxPoint™ technology delivered via its RiskMeter™ platform as its primary source of geocoding. RiskMeter enables Hiscox to drive further insight from property risk data when underwriting insurance policies using advanced geocoding technology.

Knowing a property’s exact location is crucial to understanding the potential risks of natural disasters such as wildfires, hurricanes, tornadoes and floods. RiskMeter delivers CoreLogic’s PxPoint geocoding technology to pinpoint a property’s location enabling accurate assessment of its level of exposure to these hazards. PxPoint offers geocoding to a building’s footprint level which is an essential level of precision when gauging a property’s likelihood of damage from a natural disaster. PxPoint integrates seamlessly with Hiscox’s existing technology and workflow via high-capacity APIs. These APIs deliver data in real time, which assists in quickly and efficiently determining a property’s risk of disaster-related damages when deciding coverage options and costs.

"We worked closely with Hiscox to deliver PxPoint via our RiskMeter platform, providing a critical level of precision that provides insights into specific peril risk and portfolio-level exposure analytics,” said William Forde, senior director, at CoreLogic Protect. “This alliance is the crossroads of technology meeting the demands of modern insurance workflow,” continued Forde.

“The structural level accuracy of the PxPoint geocoding enables us to confidently assess and price a risk at speed for our underwriting APIs,” commented Paul Butler, London Market Technology Director for Hiscox.

About CoreLogic
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, RiskMeter, and PxPoint are trademarks of CoreLogic, Inc. and/or its subsidiaries.

About the Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.

The Hiscox Group employs over 3,000 people in 14 countries and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.

Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220526005772/en/

Media Contact:

Robin Wachner

CoreLogic

newsmedia@corelogic.com

Source: CoreLogic, Inc.

FAQ

What technology is Hiscox using for risk assessment?

Hiscox is using CoreLogic's PxPoint technology delivered through the RiskMeter platform.

How does PxPoint enhance insurance underwriting for Hiscox?

PxPoint provides precise geocoding, allowing Hiscox to accurately assess property exposure to natural disasters.

What types of risks does the RiskMeter platform assess?

The RiskMeter platform assesses risks related to natural disasters such as wildfires, hurricanes, tornadoes, and floods.

When was the partnership between CoreLogic and Hiscox announced?

The partnership was announced on May 26, 2022.

What are the benefits of using PxPoint for Hiscox?

Benefits include improved accuracy in risk assessment, faster underwriting processes, and better decision-making for coverage options.