Location, which launched out of Rhode Island in 2000, owns millions of geographic data points related to weather, crime, real estate, demographics, and more. The platform leverages that information to provide everything from risk assessment to property predictions for real estate companies and businesses across North America. According to CoreLogic, the acquisition will allow them to expand the type of non-weather-related fire, hail and crime risk assessments that it currently offers its clients.
“Location, Inc.’s unique risk analytic products enhance the CoreLogic offering for property and casualty insurance by expanding our capabilities in predictive, location-based analytics,” Steve Brewer, executive of insurance and spatial solutions for CoreLogic said in a prepared statement. “Together, we will complete the puzzle on some of the unknowns insurers face with risk assessment for non-weather water and fire loss – a true industry first.”
Location currently has two products, RiskSuite and NeighborhoodScout, which use machine learning to provide data on which properties are most at risk to different types of damage. Underwriters typically use the platform to determine things like mortgage and insurance rates.
“As a deeply creative team led by Ph.D. scientists, we are passionate about providing uniquely accurate insights into where – and how – some of the most pervasive risks arise in property and casualty insurance, whether they be from structure fire, non-weather water, hail claiming patterns, or crime and liability losses,” Dr. Andrew Schiller, CEO of Location, Inc., said in a prepared statement. “Joining CoreLogic means our data products will be more widely available, easier to integrate via great platforms like RiskMeter and Underwriting Center, and our innovation roadmap can advance at scale.”
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