A piece of US software can aid businesses in setting premiums, loss prevention, security planning and fraud detection, say its makers.
Insurance rates change when policy holders move. Why? Because a car is more likely to be stolen or broken into in one location than another. The same is true for burglary at a home or apartment.
Until recently, insurance rates were based on the overall city or zip code in which the policy holder lives, even if they live on a safe street, so they may be overcharged. Conversely, if they live on a dangerous street, their insurer may have charged too little because the insurer underestimated the risk. This approach is bad for both consumers and insurers.
For years, insurers, retailers, and other businesses have been seeking reliable crime risk data to the level of individual addresses to solve myriad business problems. With existing crime risk tools, address after address – even over a half mile or more in a city – often have identical or nearly-identical crime risks assigned to them. They are barely differentiated.
Location, Inc., a Massachusetts company dedicated to location-based data and risk analytics, have launched a tool, SecurityGauge (www.SecurityGauge.com
The product can provide crime and security risk assessments for an address in the US.
SecurityGauge draws from a compendium of crime, geographic and demographic data from 17,000 local law enforcement agencies in the US and deploys them into proprietary big data computer models.
Andrew Schiller, Ph.D., Location, Inc.’s CEO, said: “Our customers are faced with making high-risk business decisions in real time with vital financial consequences and opportunities. Whether they are a pharmacy selecting a new store location or an insurer setting rates, they need accurate crime risk data that helps inform those decisions. SecurityGauge meets this crucial need in the marketplace by providing our customers with the most accurate crime risk data for any address so that they can make the best decisions for their businesses. Our accuracy, combined with our spatial resolution, sets the new standard for our industry.” Visit www.LocationInc.com
