CoreLogic has announced its acquisition of Location Inc., a provider of geographic data sciences and predictive location-based analytics for businesses in the U.S. and Canada. The financial terms of the acquisition were not disclosed.
Location Inc. offers the proprietary RiskSuite and NeighborhoodScout solutions for determining market insights, projections and risk assessments for the insurance, real estate, and finance sectors. It also offers a suite of claims risk products including WaterRisk, FireRisk, HailRisk and CrimeRisk.
“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,” said Dr. Andrew Schiller, CEO of Worcester, Mass.-based Location Inc. “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.”
Steve Brewer, executive for insurance and spatial solutions at Irvine, Calif.-based CoreLogic, 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.”
