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Marketing Department
Location, Inc.
Tel: (508) 753-8029
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FOR IMMEDIATE RELEASE:
Location, Inc. Launches WaterRisk™ Analytics, Part of the Innovative RiskSuite™ Platform for Insurance
As By-Peril Rating Approach Gains Traction, the RiskSuite Platform Accounts for the Interaction of People, Structure Characteristics, and Location to Predict Risk
WaterRisk Analytics Uncovers Previously-Unaccounted-For Risk of Non-Weather-Related Water Damage, a Top Cause of Homeowners Insurance Claims
The Comprehensive RiskSuite Platform of Crime, Fire, and Non-Weather-Related Water Damage Risk Scores Enables Precise Underwriting, Better Policy Uptake
Worcester, Mass., August 10, 2017 — Location, Inc., a leading provider of location-based analytics, announced the launch of WaterRisk™ analytics, part of the new RiskSuite™ Platform for Insurance.
The RiskSuite platform predicts the risk of crime, fire, and now, non-weather-related water damage insurance loss due to the interaction of people, structure characteristics and location.
“We’re pleased to partner with Location, Inc. to utilize the RiskSuite platform, which enables our underwriters to determine the exact location of the risk and the potential exposures that may accompany that specific location,” said Jon Beckham, Director at DUAL Commercial LLC, a leading Specialty Program Administrator offering property and casualty products through several specialized subsidiary companies. “This advancement in our offering has better positioned DUAL Commercial within the marketplace, while allowing us to provide an enhanced service to our customers.”
Accounting for Non-Weather-Related Water Damage Losses in Homeowners Insurance Claims
According to the Insurance Information Institute, 45% of the $41.2B in homeowners losses in 2015 can be attributed to weather and non-weather-related water damage and freezing, with the average claim cost around $8K. Until now, however, most homeowners insurance risk data focus on water damage from storm events, not taking into account non-weather-related water damage. The most common causes of non-weather-related water damage include:
- Appliance, water heater, and frozen pipe leaks and failures
- Faulty plumbing
- Sewer backups
- Basement/attic/crawl space humidity caused by hydrostatic pressure and aging infrastructure
- Heating, ventilating and air conditioning unit issues
“The causes of non-weather-related water damage are correlated with people’s behavior, including a lack of maintenance, structure characteristics, and location, in combination,” said Dr. Andrew Schiller, CEO and Founder of Location, Inc. “Our WaterRisk analytics product was developed with the intersection of these factors in mind, which is key to uncovering previously unaccounted-for risk.”
Quantifying the lift WaterRisk analytics provides when applied to a holdout data set of over $600 million in premium, and then applying those findings to the $74 billion homeowners insurance industry, reveals $11 billion in premium adjustments and $1.2 billion in claim reductions annually.
To learn more about the RiskSuite platform and WaterRisk analytics, contact Location, Inc.
The RiskSuite platform and WaterRisk analytics contain no red-lining, no data about race, ethnicity, ancestry, language, religion, any protected class, income, educational attainment, or occupations of any kind.
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 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 65 million people and businesses have used Location, Inc.’s data and services since its 2000 inception. For more information, visit www.LocationInc.com.