Citizens Adopts Aerial Imagery Analytics from Verisk to Improve Underwriting In Florida Market
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JERSEY CITY, N.J., Nov. 07, 2023 (GLOBE NEWSWIRE) -- 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.
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About Citizens
In 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 Vexcel
For 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
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