Different areas of different buildings or campuses hold different insurance risks.
- An office park’s cafeteria — as opposed to a floor used for one company;
- The front of the house of a retail establishment, compared to a large warehouse in the back;
- A college dorm room versus an on-campus athletic facility.
While these areas all have different risks, the insurance industry previously has lacked a simple solution for differentiating buildings and units that share a common address.
Verisk is aiming to change that.
On Tuesday, the Jersey City-based data analytics giant introduced BINS, a Building Identification Numbering System that Verisk believes is the industry’s first solution that utilizes geospatial data and proprietary technology to create an inventory of commercial and residential structures.
Leveraging a database of more than 125 million structures covering all 50 U.S. states, Verisk officials feel BINS enables insurers and reinsurers to assess risks with improved accuracy and efficiency.
Jonathan Holden, vice president of data acquisition for Verisk, said BINS can have great impact.
“For insurers and reinsurers, evaluating property data for use in their risk assessment workflows can be time-consuming, resource-intensive and inaccurate,” he said. “BINS can significantly increase their efficiency and accuracy by optimizing their data with entity resolution, enhanced geolocation and a unique identifier per property.”
Verisk officials say BINS is an innovative methodology that identifies residential and commercial units, buildings, sites and campuses, each with a unique ID leveraging satellite imagery, geospatial data sets, building footprints and U.S. public record data.
More accurate geocodes, combined with hierarchical building classification and Verisk property data, enable companies to gain a complete understanding of risk.
BINS is just one of many offerings from Verisk, which has a wide range of analytic solutions that company officials feel help insurers and reinsurers make more informed decisions about risk, streamline workflows and improve profitable growth.