InsurTech News Risk Management

Hiscox Harnesses CoreLogic Geocoding Technology to Assess Insurance Risks

Hiscox Harnesses CoreLogic Geocoding Technology to Assess Insurance Risks
RiskMeter provides structure-level location information when assessing a property’s exposure to natural disasters

CoreLogic, a leading global property data and analytics-driven solutions provider, announced that global insurance carrier Hiscox London Market has adopted the company’s PxPoint technology delivered via its RiskMeter platform as its primary source of geocoding. RiskMeter enables Hiscox to drive further insight from property risk data when underwriting insurance policies using advanced geocoding technology.

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“We worked closely with Hiscox to deliver PxPoint via our RiskMeter platform, providing a critical level of precision that provides insights into specific peril risk and portfolio-level exposure analytics”

Knowing a property’s exact location is crucial to understanding the potential risks of natural disasters such as wildfires, hurricanes, tornadoes and floods. RiskMeter delivers CoreLogic’s PxPoint geocoding technology to pinpoint a property’s location enabling accurate assessment of its level of exposure to these hazards. PxPoint offers geocoding to a building’s footprint level which is an essential level of precision when gauging a property’s likelihood of damage from a natural disaster. PxPoint integrates seamlessly with Hiscox’s existing technology and workflow via high-capacity APIs. These APIs deliver data in real time, which assists in quickly and efficiently determining a property’s risk of disaster-related damages when deciding coverage options and costs.

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“We worked closely with Hiscox to deliver PxPoint via our RiskMeter platform, providing a critical level of precision that provides insights into specific peril risk and portfolio-level exposure analytics,” said William Forde, senior director, at CoreLogic Protect. “This alliance is the crossroads of technology meeting the demands of modern insurance workflow,” continued Forde.

“The structural level accuracy of the PxPoint geocoding enables us to confidently assess and price a risk at speed for our underwriting APIs,” commented Paul Butler, London Market Technology Director for Hiscox.

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