Many insurers and reinsurers face challenges when assessing property risks for multiple buildings and units that share a common address. To solve this problem and simplify underwriting and portfolio management processes, Verisk, a global data analytics provider, has introduced BINS (Building Identification Numbering System), which 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, BINS enables insurers and reinsurers to identify whether the address they’re evaluating represents a building, a unit in a building, or a collection of buildings.
“For insurers and reinsurers, evaluating property data for use in their risk assessment workflows can be time-consuming, resource-intensive, and inaccurate,” said Jonathan Holden, vice president of data acquisition for Verisk. “BINS can significantly increase their efficiency and accuracy by optimizing their data with entity resolution, enhanced geolocation, and a unique identifier per property.”
Verisk offers a wide range of analytic solutions to help insurers and reinsurers make more informed decisions about risk, streamline workflows, and improve profitable growth.