New alliance with Vexcel Data Program elevates
LexisNexis Rooftop geospatial and aerial intelligence
capabilities
ATLANTA, Oct. 30,
2023 /PRNewswire/ -- LexisNexis® Risk
Solutions, a leading provider of data, analytics and technology
solutions for insurance carriers, today announced a new alliance
with Vexcel Data Program, a
global leader in aerial imagery and geospatial data, adding its
imagery as a key enhancement to LexisNexis®
Rooftop. An integral part of end-to-end
property intelligence solution, LexisNexis®
Total Property Understanding™, LexisNexis
Rooftop offers customers two Rooftop models to choose from. This
includes a geospatial model enhanced by comprehensive claims
datasets from LexisNexis Risk Solutions, as well as a geospatial
imagery model that utilizes manned fixed-wing aerial imagery to
provide carriers with first-hand visibility of the roof in addition
to over 30 imagery-analytics attributes.
"LexisNexis Rooftop leverages a vast database of industry
personal lines claims, which in combination with weather and
property data is much more predictive of future loss than imagery
and weather data alone," said Randy
Ishikawa, director, home insurance, LexisNexis Risk
Solutions. "This enables insurers to determine the likelihood of a
future claim that is backed by deep analysis of industry-leading
aerial imagery without having to review the actual pixels."
And if an insurer wants corresponding imagery, Rooftop delivers
a new and improved imagery solution with more than 30 proprietary
imagery-analytics attributes. Combined with our geospatial
solution, that is almost 80 additional risk attributes for property
assessment."
With increasing challenges such as severe weather events,
inflation and migratory trends affecting insurance availability,
the importance of utilizing a property risk-assessment tool like
LexisNexis Rooftop within the insurance industry cannot be
overstated.
The relationship with Vexcel brings enhanced imagery
capabilities into the Total Property Understanding suite of
solutions. Seamlessly integrating advanced weather, claims and
property data with aerial imagery, LexisNexis Rooftop goes beyond
traditional home insurance risk assessment methods by helping to
predict future roof claims and providing an option to review and
enable imagery whenever the claim risk is high. This innovative
approach helps improve accuracy and efficiency which can help
redefine the way insurers assess property risks.
Key features of the enhanced Rooftop solution
include:
- Seamless integration into Total Property Understanding:
LexisNexis Rooftop is integrated within Total Property
Understanding, which serves as a one-stop-shop for interior,
exterior and aerial intelligence on a property. This integration
streamlines the underwriting process, helping improve efficiency
and accuracy.
- Enhanced imagery and analytics: The new alliance with
Vexcel, combined with LexisNexis Risk Solutions imagery-analytics
capabilities, elevates the quality of Rooftop's imagery insights.
Vexcel's robust aerial imagery program in the U.S and its
highly accurate aerial library covers 99.6% of the U.S. population
across urban and rural areas, helping insurers access reliable and
detailed information for roof risk assessment.
- Loss propensity model feature: Leveraging unique data
from LexisNexis Risk Solutions including industry claim clustering
from personal lines claims, weather data and geospatial claims
data, LexisNexis Rooftop creates a robust loss propensity model.
This model aids insurers in better pricing and coverage decisions,
helping to drive profitability and improved rate segmentation.
- Powerful pricing segmentation scores: Scores
include ground-truth intelligence from industry-wide personal lines
claims information, weather data and AI-derived imagery
attributes.
"Total Property Understanding has been designed to arm insurers
with end-to-end insights to better segment and rate a property's
risk, including historical personal lines claims both for the home
and surrounding area, in addition to key weather and property risk
insights," said Cole Winans, vice
president and general manager, property solutions, LexisNexis Risk
Solutions. "These aerial and geospatial enhancements to LexisNexis
Rooftop are a huge advancement within the Total Property
Understanding suite. By aligning with Vexcel and its expertise
in camera aerial systems and photogrammetry software, we are
empowering insurers with some of the most advanced tools available
today to accurately assess property risks, streamline underwriting
processes, and make more informed decisions to better serve
consumers."
In 2022, about one in 50 insured homes' roofs had a property
damage claim related to wind or haili
"High resolution imagery is quickly becoming a fundamental need
in analyzing properties and roofs at scale," said Rob Agee, chief operating officer at Vexcel Data
Program. "Global platforms like LexisNexis need highly accurate,
consistent, and complete coverage, both urban and rural, to solve
several unique challenges for property risk and insurance claims.
We are pleased to be working with LexisNexis to provide a clear
picture to enable their property insights."
About LexisNexis Risk Solutions
LexisNexis®
Risk Solutions harnesses the power of data and advanced analytics
to provide insights that help businesses and governmental entities
reduce risk and improve decisions to benefit people around the
globe. We provide data and technology solutions for a wide range of
industries including insurance, financial services, healthcare and
government. Headquartered in metro Atlanta, Georgia, we have offices throughout
the world and are part of RELX (LSE: REL/NYSE: RELX), a global
provider of information-based analytics and decision tools for
professional and business customers. For more information, please
visit www.risk.lexisnexis.com and www.relx.com.
About Vexcel
For over 30 years, Vexcel has been the
industry leader in the photogrammetric and remote sensing space,
building market-leading UltraCam sensors, and providing a
comprehensive library of cloud-based geospatial data. The Vexcel
Data Program is the largest aerial imagery program in the world,
collecting high-resolution imagery and geospatial data in 30+
countries. Its dedicated fleet of fixed-wing aircraft capture
imagery in the U.S., UK, Canada, Australia, New
Zealand, Japan, and across Western Europe. Vexcel's
unique technology stack results in unmatched, accuracy and
consistency across its aerial collection programs. Its
comprehensive aerial data library helps customers streamline remote
assessment, innovate common workflows, and enhance decision-making
with confidence. More at: vexceldata.com
LexisNexis Risk Solutions Contact:
Chas Strong
Director, Communications
LexisNexis Risk Solutions
+1.706.202.5813
Charles.Strong@lexisnexisrisk.com
Danielle Datre
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.203.444.7862
ddatre@brodeur.com
i LexisNexis Risk Solutions Home
Trends Report | LexisNexis Risk Solutions
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/enhanced-lexisnexis-rooftop-solution-now-part-of-total-property-understanding-helps-us-home-insurers-address-wind-and-hail-property-damage-claims-301971694.html
SOURCE LexisNexis Risk Solutions