Looking for some innovative crime risk data? Look no further than Location, Inc. These curious problem-solvers are bringing insurers a more comprehensive view of crime risk through advancements in hyperlocal data. We had a chance to catch up with Dr. Andrew Schiller, CEO and Founder of Location, Inc., who sheds light on how their crime risk data is helping more than 150 carriers generate focused underwriting guidelines and combat fraudulent claims—with about a 10% reduction in crime loss ratio and adverse selection. Read on to learn how they’re bringing deeper insights to underwriting and claims.
For insurers who underwrite commercial properties, crime risk data can often be overlooked or under-prioritized in comparison with other hazard data. In the P&C industry, we’re often quick to note the insured or economic losses associated with catastrophes. But, did you know that crime costs billions each year? The FBI reported nearly 7.2 million property crimes in the U.S. in 2018 with an estimated $16.4 billion in property crime losses, not including arson.