Citizens Adopts Aerial Imagery Analytics from Verisk to Improve Underwriting In Florida Market
November 07 2023 - 8:04AM
Verisk (Nasdaq: VRSK), a leading global data analytics and
technology provider, announced today that Citizens Property
Insurance Corporation, a not-for-profit insurer in Florida, will
adopt Verisk's Aerial Imagery Analytics solution to help provide a
more comprehensive view of risks across the state.
Verisk submitted a proposal to provide the service to Citizens,
which evaluated the solution against competing vendors for analytic
breadth and accuracy.
“Working with Verisk was easy,” said Forrest White, underwriting
director at Citizens. “Leveraging aerial imagery from Verisk in our
underwriting process will help us make more informed decisions
about risk selection for property inspections.”
Verisk collaborates with Vexcel Data Program, the world’s
largest aerial imagery program, to source imagery and elevation
models and then Verisk applies computer vision machine learning to
derive its library of imagery analytics for P&C insurers.
Ultra- and high-resolution aerial imagery is available, covering
99.6 percent of U.S. structures today. Imagery is refreshed up to
three times each year in urban areas, with analytics pre-processed
to enable faster data delivery and empower automated
underwriting.
"We’re confident in Citizens’ ability to implement Aerial
Imagery Analytics from Verisk’s broad line of solutions that
support insurers at each step of the insurance value chain to
significantly improve its underwriting process," said Doug Caccese,
president of risk assessment at Verisk. "Our solution is
designed to provide the accuracy and breadth of analytics needed
for more precise underwriting.”
In addition to Aerial Imagery Analytics, Citizens is also
licensing Roof Age, Homeowner Data, and Property History Solutions
from Verisk. Imagery and property data sets can be combined for a
more complete picture of the risk.
# # #
About CitizensIn 2002, the Florida Legislature created
Citizens Property Insurance Corporation (Citizens), a
not-for-profit alternative insurer, whose public purpose is to
provide insurance to, and serve the needs of, property owners who
cannot find coverage in the private insurance market.
About Verisk Verisk (Nasdaq: VRSK) provides
data-driven analytic insights and solutions for the insurance and
energy industries. Through advanced data analytics, software,
scientific research, and deep industry knowledge, Verisk empowers
customers to strengthen operating efficiency, improve underwriting
and claims outcomes, combat fraud and make informed decisions about
global issues, including climate change and extreme events, as well
as political and ESG topics. With offices in more than 30
countries, Verisk consistently earns certification by Great
Place to Work and fosters an inclusive culture where
all team members feel they belong. For more,
visit Verisk.com and the Verisk Newsroom.
About VexcelFor over 30 years, Vexcel has been
the industry leader in the photogrammetric and remote sensing
space, building market-leading UltraCam sensors, and providing a
comprehensive library of cloud-based geospatial data. The Vexcel
Data Program is the largest aerial imagery program in the world,
collecting high-resolution imagery and geospatial data in 30+
countries. Its dedicated fleet of fixed-wing aircraft capture
imagery in the U.S., UK, Canada, Australia, New
Zealand, Japan, and across Western Europe. Vexcel's
unique technology stack results in unmatched, accuracy and
consistency across its aerial collection programs. Its
comprehensive aerial data library helps customers streamline remote
assessment, innovate common workflows, and enhance decision-making
with confidence. More at: vexceldata.com
Mary Keller
617-954-1754
mary.keller@verisk.com
Verisk Analytics (NASDAQ:VRSK)
Historical Stock Chart
From Apr 2024 to May 2024
Verisk Analytics (NASDAQ:VRSK)
Historical Stock Chart
From May 2023 to May 2024