CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, has announced the completion of the company’s acquisition of Location, Inc., a leader in geographic data sciences and predictive, location-based analytics for businesses across the U.S. and Canada.
Location, Inc.’s proprietary RiskSuite™ and NeighborhoodScout® solutions combine the company’s deep spatial and property risk assets with advanced machine learning and analytics expertise to provide market insights, projections and risk assessments for the insurance, real estate, and finance sectors. Commercial and residential underwriters rely on Location, Inc.’s suite of claims risk products, including non-weather WaterRisk™ and FireRisk™, as well as HailRisk™, as the industry’s first claim probability and severity platform that predicts loss costs for these perils. CrimeRisk™, the company’s high-resolution crime analytics, offers the most accurate and trusted crime risk data on the market today and is used by insurers across North America to help in mitigating 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,” said Steve Brewer, executive, Insurance and Spatial Solutions for CoreLogic. “Together, we will complete the puzzle on some of the unknowns insurers face with risk assessment for non-weather water and fire loss – a true 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.”
“As a deeply creative team led by Ph.D. scientists, we are passionate about providing uniquely accurate insights into where – and how – some of the most pervasive risks arise in property and casualty insurance, whether they be from structure fire, non-weather water, hail claiming patterns, or crime and liability losses,” said Dr. Andrew Schiller, CEO of Location, Inc. “Joining CoreLogic means our data products will be more widely available, easier to integrate via great platforms like RiskMeter™ and Underwriting Center™, and our innovation roadmap can advance at scale.”