11:47 AM
RMS Adds BuildFax Data to its Suite of Services
Risk Management Solutions (RMS; Newark, Calif.) has reached an agreement with Austin, Texas based BuildFax to add the latter's building permit data to its services.
BuildFax will provide RMS with digitized building permit information for more than 60 percent of the U.S., along with roof age, construction quality data points and additions/remodels data, the companies claim. The data, which spans over 20 years, will be available at the point of underwriting, and RMS clients will have access to an integrated package of data, analytics, and models within a comprehensive underwriting application, they add.
"This partnership will significantly enhance the data available for fire risk assessment, valuation estimation, catastrophe modeling and assessment of all other perils," a statement says. "For underwriters, this represents a significant base of highly relevant data for assessing and modeling risk, and improving risk selection and pricing decisions."
The BuildFax data can also be used to derive predictive analytics, according to the companies. It will also enable clients to link constructions said to be completed with the actual existence of building permits, they add.
“Insurance and other financial institutions require more informed decisions based on better data and smarter models, and the RMS/BuildFax partnership supports exactly that," Roger Arnemann, VP of global consulting and data services at RMS, says in a statement.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio