Tel: (508) 753-8029
FOR IMMEDIATE RELEASE:
CoreLogic Announces the Availability of the Industry’s First Non-Weather-Related Risk Solution
Insurance risk quantification through comprehensive structural, appliance, systems and location analysis of non-weather-related risk
Irvine, Calif., May 22, 2018—CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced the availability of two products that comprehensively assess non-weather-related water and fire risk. WaterRisk™ and FireRisk™, both products of Location, Inc., are the first to measure frequency of non-weather-related water and fire events and represent the only non-weather-related risk assessment solutions available on the market today.
Property insurers have historically been unable to accurately analyze the likelihood of non-weather-related hazards – such as plumbing and appliance leaks or the likelihood of house fires – due to a lack of consistent and complete data that capture unaccounted for water and fire risk. However, non-weather- related water damage accounts for approximately 20 percent of all homeowner insurance losses nationwide*, and 84 percent of home structure fires** are either intentionally ignited, smoking accidents or a result of misused or failed cooking equipment, unattended candles or failures of heating and electrical systems.
WaterRisk and FireRisk by Location, Inc. are the first non-weather risk solutions built using advanced predictive analytics that look at appliances, systems, wiring, structures, climate and geographical location. This enables insurers to more accurately quantify the likelihood and severity of damage from water and fire beyond previous methods of qualification. The solution utilizes 2 billion data points nationwide, as well as unique geospatial risk models to generate over 11 million points of risk.
“Historically, insurance risk has been calculated primarily through the analysis of natural hazard risks such as hail, flood, wildfire and storm surge, without the inclusion of non-weather hazards,” said Steve Brewer, executive, Insurance and Spatial Solutions at CoreLogic. “With WaterRisk and FireRisk, insurers are now empowered with these previously unaccounted-for quantifiers of risk to more accurately underwrite and price policies commensurate with real risk. We are proud to offer our clients the missing piece – the only non-weather-related solution for the insurance industry that uses measurable data to holistically assess structural risk.”
With complete, seamless U.S. coverage at the individual block level, the products offer 300 times more granularity into specific property risk factors than the average ZIP code analysis can provide. Both products identify precise, measurable data on previously unquantifiable factors such as poorly maintained properties, improper storage of flammable materials or plumbing system failures.
“We are passionate about building data sets and uncovering sources where no other company can,” said Andrew Schiller, chief executive officer at Location, Inc. “WaterRisk and FireRisk represent an enormous opportunity for the property insurance industry to improve accuracy and outcomes. We have had strong results testing with carriers nationwide, are excited about the use cases we are already seeing with clients.”
WaterRisk and FireRisk, are available for portfolio consumption and through RiskMeter Online® from CoreLogic. For more information, visit www.corelogic.com.
About Location, Inc.
Location, Inc. is a geographic research and data mining company, born of university research, and a leading provider of location-based data products and tools used by corporations for risk analysis. The company specializes in location analysis, quantifying and mapping of crime and security risks, structure fire risk, non-weather-related water damage risk, demographic and school data information products, and location-based decision-making tools for businesses and consumers. More than 70 million people and businesses have used Location, Inc.’s data and services since its 2000 inception. For more information, visit www.LocationInc.com.
CoreLogic (NYSE: CLGX) 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.
*Source: Location Inc’s analysis of insurance carrier loss data, corroborated by third-party industry data from the Insurance Journal and the Insurance Information Institute
** Source: National Fire Protection Association
CORELOGIC, the CoreLogic logo and RiskMeter Online are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other names and brands are property of their respective owners. WaterRisk and FireRisk are trademarks of Location, Inc.