An Industry First, Canadian Property Insurers Can Unearth Insights from Building Permits with Verisk’s BuildFax

Rhea-AI Summary

Verisk (Nasdaq:VRSK) has expanded its BuildFax property condition analytics to Canadian insurers, enhancing their underwriting capabilities by utilizing building permit data. This initiative aims to help insurers track changes in properties, ensuring adequate coverage for customers. BuildFax's database incorporates over 1 billion data points on property conditions, covering renovations and significant updates. The expansion supports digital transformation in the insurance sector, allowing underwriters to make informed decisions and improve customer experience with proprietary data.

Positive

• Expansion of BuildFax analytics into Canada enhances underwriting for insurers.
• Access to over 1 billion data points improves risk assessment and coverage adequacy.
• Supports digital transformation agenda for Canadian insurers.

Negative

• None.

Robust Analytics will Help Insurers Track Changes to Homes and Commercial Properties Over Time, Ensure Customers Have the Coverage They Need

JERSEY CITY, N.J., Feb. 17, 2021 (GLOBE NEWSWIRE) -- 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 (Nasdaq:VRSK), 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.

To learn more, visit www.verisk.com/buildfax-canada.

About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact:
Brett Garrison
Verisk@Edelman.com
917-639-4903

FAQ

What is the significance of Verisk's expansion of BuildFax into Canada?

The expansion allows Canadian insurers to utilize data from building permits, improving underwriting and ensuring adequate coverage for changing properties.

How many data points does BuildFax offer for Canadian properties?

BuildFax provides access to over 1 billion data points regarding property conditions in Canada.

What is Verisk's stock symbol?

Verisk's stock symbol is VRSK.

When was Verisk's BuildFax expansion into Canada announced?

The BuildFax expansion into Canada was announced on February 17, 2021.

How does BuildFax help insurers in Canada?

BuildFax helps insurers track property changes over time, allowing for better underwriting decisions and enhanced customer coverage.