Calif. Department of Insurance Approves Insurer’s Rate Filings That Utilize Location, Inc.’s Predictive Crime Analytics
Insurers Are Now Using Location, Inc.'s SecurityGauge® Crime Analytics to Assist in Pricing Policies in Calif. and Eleven Other States
WORCESTER, Mass., Dec. 15, 2016 /PRNewswire/ -- Location, Inc., a leading provider of U.S. location-based analytics, announced that the California Department of Insurance (CDI) has approved an insurer’s rate filings that utilized Location Inc.’s predictive Crime Analytics. With this recent CDI approval, filings utilizing Location, Inc.'s predictive Crime Analytics have now been approved in twelve states.
Location, Inc.'s SecurityGauge® crime analytics are unique in that it collects raw data reported from over 18,000 local law enforcement agencies across the U.S., and then uses a relational database to assign reported crimes from every agency (e.g., municipal police, campus police, port authority, transit, etc.) to the localities for which the agencies have law enforcement responsibility. With this exclusive database, Location, Inc. then uses its Ph.D. developed computer models to statistically predict the rates for every major type of crime (violent and property) with 33 foot resolution across the United States.
Over 100 U.S. carriers leverage Location, Inc.'s predictive violent and property crime analytics to assess fire, liability, theft, vandalism, and other risks in programs, such as habitational/dwelling, vacant properties, open lots, vacation rental by owner and more. Location, Inc.'s hyperlocal crime data also helps carriers generate focused underwriting questions and combat fraudulent insurance claims and related losses.
The insurer’s rate filings submitted to CDI utilized a software model developed by Location, Inc. called SecurityGauge. This model introduced crime risk factors to be used for rating of property coverages. After review of the filings, CDI approved the insurance company's underlying rates that resulted from use of the model as well as the rating relativity factors filed by the company. This does not mean that CDI approved the Location, Inc. model for all insurers to use, as each company that desires to do so must submit their own specific rate filings to CDI. Each rate filing, including use of the model, will be reviewed on their own merits by CDI.
Insurers can access Location, Inc.'s crime analytics directly via SecurityGauge, or through a variety of underwriting platforms from Location, Inc.'s partners, including RiskMeter Online™, SpatialKey®, and Digital Matrix Systems. Location, Inc.'s comprehensive risk data includes:
- Violent Crime Scores
- Property Crime Scores
- Crime Heat Maps
- Violent & Property Crime Risk Trends & Forecasts
- And More (Sample Report PDF)
"Location, Inc. is pleased that an insurer’s rate filings using our analytics were approved by the California Department of Insurance, as it validates our sound methodology for assessing crime risk," said Dr. Andrew Schiller, CEO and Founder of Location, Inc. "With rate filings utilizing our predictive Crime Analytics in California and 11 other states so far, Location, Inc. is helping carriers, from top-10 to small regionals, address human-behavior loss risk, even in states where credit scores are traditionally not allowed for such purposes," said Dr. Schiller.
Location, Inc.'s crime data may be accessed via address lookup, API, bulk processing and flat file. For more information, contact [email protected].
About Location, Inc.
Location, Inc. is a geographic research and data mining company born out of university research and a leading provider of location-based data and tools used by corporations for risk analysis. Location, Inc. specializes in location analysis, quantifying and mapping of crime and security risks, structure fire 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, including NeighborhoodScout® and SecurityGauge®, since the Company's 2000 inception. For more information, visit www.LocationInc.com.
Media Contact:
Paul Gallagher
Marketing Department
Location, Inc.
Tel: (508) 753-8029
Email: [email protected]
SOURCE Location, Inc.
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