Farm Bureau Insurance, an independent and non-governmental organization, recently declared that it intends to adopt Verisk’s platform LOCATION in order to make the most of its PPC (Public Protection Classification). Sources with relevant information stated that this will allow Farm Bureau to offer accurate, address-level strength assessment of fire protection for insured properties.
For those uninitiated, Verisk is a prominent data analytics provider which is headquartered in Jersey City, NJ. It serves customers in financial services, insurance, energy & specialized markets and uses advanced technologies to gather and assess huge records to draw upon unique data assets. The company also offers domain expertise to promote innovations that are incorporated in customer workflow.
It is to be noted that Verisk’s LOCATION provides address-level data on a wide range of tasks, in order to empower PPC’s fire protection grading in its underwriting workflow. Based on the suppression systems and fire prevention, the PPC program grades the communities across the US.
Dawn Elzinga, VP of Underwriting and Actuarial at Farm Bureau Insurance, was reported saying that the company turned to Verisk in an effort to achieve better pricing for their customers as well as to provide a robust underwriting performance throughout their property portfolio.
In this context, President of ISO Personal Lines, Doug Caccese, mentioned in a statement that the agency found PPC to be nine times better at predicting future fire loss than the distance to nearest fire station alone. He added that LOCATION will help firms improve their use of PPC as a part of their journey to deliver enhanced digitalization.
Sources claimed that the granularity level of PPC demonstrates Verisk’s approach of continuously monitoring data sources, utilizing modern GIS (geographic information system) as well as digitized files. These technologies are supported by former community-level relationships with local authorities and fire service.