Hiscox Harnesses CoreLogic Geocoding Technology to Assess Insurance Risks
IRVINE, California – (BUSINESS THREAD) – CoreLogic, a leading global provider of proprietary data and analytics-based solutions, announced that global insurance company Hiscox London Market has adopted the company’s PxPoint ™ technology delivered via its platform RiskMeter ™ as the main source of geocoding. RiskMeter allows Hiscox to obtain more information from property risk data when subscribing to insurance policies using advanced geocoding technology.
Knowing the exact location of a property is crucial to understanding the potential risks of natural disasters such as wildfires, hurricanes, tornadoes, and flooding. RiskMeter offers CoreLogic’s PxPoint geocoding technology to identify the location of a property that allows an accurate assessment of its level of exposure to these hazards. PxPoint provides fingerprint-level geocoding of a building, which is an essential level of accuracy when measuring the likelihood of property damage from a natural disaster. PxPoint integrates seamlessly with Hiscox’s existing technology and workflow using high-capacity APIs. These APIs provide real-time data, which helps you quickly and efficiently determine a property’s risk of disaster-related property when deciding coverage options and costs.
“We have worked closely with Hiscox to deliver PxPoint through our RiskMeter platform, providing a critical level of accuracy that provides information on specific hazard risk and portfolio-level exposure analysis,” said William Forde , senior director of CoreLogic Protect. “This alliance is the crossroads of technology that meets the demands of the modern insurance workflow,” Forde continued.
“The accuracy of the structural level of PxPoint geocoding allows us to confidently assess and assess a high-speed risk for our subscription APIs,” said Paul Butler, Hiscox London’s Chief Technology Officer.
CoreLogic is a leading global provider of proprietary information, analysis, and data-enabled solutions. The company’s combined data from public, contributory and own sources includes more than 4.5 billion records spanning more than 50 years, offering detailed coverage of properties, mortgages and other encumbrances, consumer credit, rent, location, risk hazard and performance-related information. The markets CoreLogic serves include real estate and mortgage financing, insurance, capital markets and the public sector. CoreLogic provides value to customers through unique data, analytics, workflow technology, advice, and managed services. Customers rely on CoreLogic to help identify and manage growth opportunities, improve performance, and mitigate risk. Headquartered in Irvine, California, CoreLogic operates in North America, Western Europe, and Asia Pacific. For more information, visit www.corelogic.com.
CORELOGIC, the CoreLogic logo, RiskMeter, and PxPoint are trademarks of CoreLogic, Inc. and / or its subsidiaries.
About the Hiscox group
Hiscox is a global specialist insurer based in Bermuda and listed on the London Stock Exchange (LSE: HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building a balance between disaster-prone businesses and less volatile local specialty businesses offers us opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs more than 3,000 people in 14 countries and has clients worldwide. Through retailers in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business clients as well as homeowners. The largest internationally traded ticket business and reinsurance are underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, focusing on people, courage, ownership and integrity. We are proud to be true to our word and our award-winning claims service proves it. For more information, visit www.hiscoxgroup.com.