Business insurance

Hiscox leverages CoreLogic geocoding technology to assess insurance risk

IRVINE, Calif.–(BUSINESS WIRE)–CoreLogic, a leading global provider of real estate data and analytics solutions, announced that global insurance company Hiscox London Market has adopted the company’s PxPoint™ technology delivered through its RiskMeter™ platform as its primary source geocoding. RiskMeter enables Hiscox to derive additional insights from real estate risk data when underwriting insurance policies using advanced geocoding technology.

Knowing the exact location of a property is essential to understanding the potential risks of natural disasters such as wildfires, hurricanes, tornadoes and floods. RiskMeter provides CoreLogic’s PxPoint geocoding technology to pinpoint the location of a property allowing an accurate assessment of its level of exposure to these hazards. PxPoint offers building footprint-level geocoding, which is an essential level of accuracy for assessing the likelihood of property damage from a natural disaster. PxPoint seamlessly integrates with Hiscox’s existing technology and workflow through high-capacity APIs. These APIs provide real-time data, which helps to quickly and efficiently determine the risk of disaster damage when choosing coverage options and costs.

“We have worked closely with Hiscox to deliver PxPoint through our RiskMeter platform, providing a critical level of granularity that provides insight into specific peril risks and exposure analysis at the portfolio level,” said William. Forde, Principal at CoreLogic Protect. “This alliance is the hub of technology meeting the demands of the modern insurance workflow,” continued Forde.

“The structural level accuracy of PxPoint geocoding allows us to quickly and confidently assess and price risk to our underwriting APIs,” commented Paul Butler, London Market CTO for Hiscox.

About CoreLogic

CoreLogic is a leading global provider of property information, analytics, and data-driven solutions. The company‘s combined data from public, contributory and proprietary sources includes more than 4.5 billion records spanning over 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, location, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets and the public sector. CoreLogic delivers value to customers through unique data, analytics, workflow technology, advisory and managed services. Customers rely on CoreLogic to identify and manage growth opportunities, improve performance and mitigate risk. Based in Irvine, California, CoreLogic operates in North America, Western Europe and Asia-Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, RiskMeter and PxPoint are trademarks of CoreLogic, Inc. and/or its affiliates.

About the Hiscox Group

Hiscox is a global specialty insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE: HSX). Our ambition is to be a respected specialist insurer with a diversified portfolio by product and geography. We believe that striking a balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.

The Hiscox Group employs over 3,000 people in 14 countries and has customers worldwide. Across retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and businesses as well as homeowners. The largest ticketing and reinsurance business, traded internationally, is underwritten through Hiscox London Market and Hiscox Re & ILS.

Our values ​​define our business, emphasizing people, courage, ownership and integrity. We pride ourselves on being true to our word, and our award-winning claims service reflects that. For more information, visit www.hiscoxgroup.com.