News | February 17, 2021

An Industry First, Canadian Property Insurers Can Unearth Insights From Building Permits With Verisk's BuildFax

Robust Analytics will Help Insurers Track Changes to Homes and Commercial Properties Over Time, Ensure Customers Have the Coverage They Need

Canadian insurers can now use robust analytics from building permits to refine their underwriting and ensure their customers have the property coverage they need as their lives, homes and businesses evolve. These new analytics come from Verisk, a leading global data analytics provider, which has expanded its BuildFax property condition and history solutions into Canada.

BuildFax provides insurers with critical information about property conditions derived from previously untapped building permit data including remodeling, renovation and maintenance activity, major system updates, solar installations, pool construction and other critical property characteristics. With its unique and growing database, BuildFax solutions encompass more than 1 billion data points on residential and commercial properties in Canada and is continually expanding.

BuildFax expansion into Canada boosts insurers’ digital transformation agenda
“Insurers are often unaware of changes in the properties they insure, making it difficult for them to make informed underwriting decisions and provide the coverage their customers need,” said BuildFax Managing Director Jonathan Kanarek. “With our expansion into Canada, we’re providing Canadian insurers with data about what actually occurs in properties over time. Leveraging more than 20 years of proprietary data, we can eliminate the guesswork and help underwriters gain new insights into risks, prioritize investments in inspections and improve their customers’ experience.”

The data available through BuildFax is enhanced by Verisk’s deep domain expertise and can be combined with other Verisk property insurance solutions available in Canada. These solutions include Xactimate, the industry-standard property claims estimating solution; 360Value, which delivers component-based, replacement-cost estimates; OneXperience, a digital engagement platform for insurers and policyholders to conduct property inspections; and FireLine, Verisk’s wildfire risk management tool.

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Source: Verisk Analytics, Inc