Property insights and solutions provider CoreLogic has acquired US-based geospatial platform Location for an undisclosed amount.
Location caters to US and Canadian businesses with its geographic data sciences and predictive, location-based analytics.
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CoreLogic said that the deal will strengthen its insurance risk analytics and real estate insights for non-weather water and fire, hail as well as crime risk data.
CoreLogic insurance and spatial solutions executive Steve Brewer said: “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.
“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. Our commercial and personal lines customers can now benefit from the most granular, accurate and predictive set of risk variables to mitigate risk, increase profitability and drive value for their customers.”
Location has developed two products, RiskSuite and NeighborhoodScout solutions that utilise machine learning to offer risk assessments for the insurance, finance, and real estate industries.
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By GlobalDataFor commercial and residential underwriters, Location offers the non-weather WaterRisk, FireRisk, HailRisk solutions and other claims risk products.
Location also provides the CrimeRisk solution that provides crime risk data on the market.
Location CEO Andrew Schiller said: “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.”
