CoreLogic remains the trusted source as insurers can now use the approved crime, water, structure fire and hail risk scores when developing their own rating plans
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced that multiple states’ department of insurance organizations approved the CoreLogic non-weather and hail risk scores, as part of carriers’ personal lines rating plans. Now, government approval for personal lines in both Massachusetts and New Jersey, and for commercial lines in eleven other major states, means insurers can feel confident in using these path-breaking risk scores in their own rating plans. Numerous other states are currently reviewing the risk scores for both personal and commercial lines approval. CrimeRisk scores are currently approved in 37 states.
“We have seen increased growth with these new states’ department of insurance approvals. Our RiskSuite scores are an important development for our current and future insurance clients,” said Dr. Andrew Schiller, senior leader, Science and Analytics at CoreLogic. “The rating approval process can be a challenging and time-consuming hurdle for carriers. By validating our risk scoring products, we are able to remove this barrier and deliver confidence in our one-of-a-kind, non-weather water, crime, structure fire and hail claims risk scoring solutions. Carriers can use the approved RiskSuite scores in their own rating plans, unlocking valuable insights that enable them to immediately underwrite and price more accurately, minimize loss and quantify risks that have until now eluded simple quantification.”
Property insurers have historically faced challenges when it comes to accurately analyzing the likelihood of non-weather hazards — such as plumbing and appliance leaks that lead to water damage, or accidents or system failures that lead to fire damage — due to a lack of consistent and complete data. The RiskSuite solutions can identify and account for the many different pathways leading to non-weather perils, enabling insurers to more accurately assess location-specific claim probability and severity. RiskSuite provides a simple-to-use overall risk score, as well as returning information on expected claim frequency, average claim severity and average loss per policy associated with each score.
“We are consistently searching for ways to further segment our proprietary property rating scheme, and CoreLogic presented a solution that allowed us to provide more than one statewide rate for certain perils, as well as introduce address-level pricing differences by peril," said Shawn Beenken, assistant vice president at Berkshire Hathaway Homestate Companies. "Their solution provides the segmentation we wanted to introduce with a great lift to our book of business — and they were with us for every step of the state filing process and implementation."
For more information regarding the non-weather products from CoreLogic, please visit www.corelogic.com/nonweatherrisk.
CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.