CoreLogic has revealed that it has completed its acquisition of Location, Inc., a company that utilizes geographic data sciences and predictive, location-based analytics to provide insights to clients in the US and Canada.
Location offers proprietary data solutions such as RiskSuiteTM and NeighborhoodScout, which combine the company’s spatial and property risk assets with advanced machine learning and analytics expertise to offer market insights, projections, and risk assessments for the insurance, real estate, and finance sectors.
Other proprietary products include WaterRiskTM, FireRiskTM, and HailRiskTM. These claim probability and severity platforms are used by commercial and resident underwriters to predict loss costs for their respective perils. Location also offers CrimeRiskTM, which provides crime risk data to help insurers mitigate risk and uncertainty in the underwriting workflow.
“Location, Inc.’s unique risk analytic products enhance the CoreLogic offering for property and casualty insurance by expanding our capabilities in predictive, location-based analytics,” commented CoreLogic executive for insurance and spatial solutions Steve Brewer.
Brewer also said that both CoreLogic and the Location team will “complete the puzzle on some of the unknowns insurers face with risk assessment for non- weather water and fire loss,” the solution for which would be an industry first.
“Our commercial and personal lines customers can now benefit from the most granular, accurate and predictive set of risk variables to mitigate risk, increase profitability and drive value for their customers,” Brewer added.
“Joining CoreLogic means our data products will be more widely available, easier to integrate via great platforms like RiskMeterTM and Underwriting CenterTM, and our innovation roadmap can advance at scale,” commented Location CEO Dr. Andrew Schiller.
