Verisk Adds Hazard Scoring to Commercial Property Surveys
Staff Writer | August 10, 2015
Verisk Insurance Solutions announces that the Relative Hazard Percentile is now provided on all field surveys performed by the company. By comparing a commercial property with millions of peer properties, the proprietary risk analytic helps insurers identify the need for loss control measures and make better informed risk-acceptance decisions that conform to their underwriting guidelines.
Verisk's more than 550 field analysts perform over 350,000 on-site commercial property underwriting surveys each year. The survey provided to the client now includes the Relative Hazard Percentile (RHP). The RHP uses an objective engineering formula to evaluate a building's construction, occupancy, fire protection, and exposures. Those property features and conditions are then scored relative to state and national averages for similar buildings in Verisk's ProMetrix database of more than 3.7 million commercial properties and 6 million businesses.
"The property condition and associated risks are obviously important, but knowing how that property's risk characteristics compare with those of its peers provides a powerful insight," says Peter de Freitas, assistant vice president for ProMetrix, Verisk Insurance Solutions. "Verisk's Relative Hazard Percentile stratifies properties and gives our customers an objective risk score for individual risk selection and loss control prioritization."
Relative Hazard Percentile is based on a 1-to-100 scale, providing insurers with a relative ranking among similar properties. A higher score indicates the building has fewer deficiencies and is quantitatively ranked better than other properties with the same occupancy, size, and level of fire protection.
The property characteristics that factor into the Relative Hazard Percentile include the construction class, which relates to the materials used to build the property and the percentage of the structure that consists of each kind of material; the occupancy, which is indicative of the flammable contents and exposure; public and private fire protection capabilities, such as a functioning automatic sprinkler system; and exposures presented by nearby properties and local risk of wildfire, flood, and seismic activity, among others.
"This additional insight allows underwriters to quickly identify which properties have higher or lower risk," said de Freitas. "And that helps them make more informed underwriting, tiering, and coverage selection decisions."
The Relative Hazard Percentile is included on all commercial property field surveys and in both the short and long versions of the Building Underwriting Report, which is available through the ProMetrix platform.
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Optimum General Selects Guidewire InsurancePlatform for Core Operations
- Blue Cod Technologies Announces Corporate Name Change to Activer Solutions
- MVP Advisory Group Names Data & Analytics Partner
- Billing Core to Insurers' Service Strategies; Novarica Profiles 15 Vendor Solution Providers
- Million Women Mentors Recognizes MEMIC’s Advocacy
- Guidewire Software Announces First Quarter Fiscal 2019 Financial Results
- Patra Corp Expands Successful Initial Phase of Patra Academy, Partners with Military Spouse Employment Program
- Ecclesiastical Insurance Group Selects Sapiens’ Property and Casualty Insurance Suite as its New Core Platform
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE