Buildfax Data to Enhance Verisk’s Solutions, Providing Insurers with Internal and External Views of Property Risks and Changes to Buildings over Time
Verisk, a leading data analytics provider, announced it has signed a definitive agreement to acquire BuildFax, a provider of property condition and history data, from its shareholders. The majority shareholder of BuildFax is DMGT (Daily Mail and General Trust [Lon:DMGT]). BuildFax will become part of ISO, a Verisk business, and will enhance ISO’s existing property data and analytics.
BuildFax uses building permit, contractor, and inspection data to provide critical information about the condition of properties to some of the largest insurance and financial institutions in the world. The data from BuildFax will enhance ISO’s robust property analytics while helping underwriters gain insight into changes in the buildings they insure.
“Property insurers have traditionally made underwriting decisions without important information about the condition of a building’s roof, electrical system, and plumbing,” said Neil Spector, president of ISO. “The data that BuildFax provides about building conditions is transforming property underwriting, both at inception and renewal. We’ve been using BuildFax data for years in our powerful Roof Age estimation tool, and we look forward to leveraging the company’s other data in new and unique ways.”
“Verisk has become a global leader in developing innovative analytics for decision making,” said Holly Tachovsky, president of BuildFax. “Becoming part of the Verisk family will enable us to augment our solutions, expand our reach, and provide added value to our customers.”
“The insights that BuildFax has been able to extract from building permit, contractor, and inspection data will significantly expand the analytics that we can provide property insurers,” said Mark Anquillare, chief operating officer of Verisk. “These analytics will be able to help insurers in their continuing efforts to underwrite potential and existing customers with increased speed and precision.”