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Location, Inc.: Predicting Unaccounted-for Risk of Insurance Losses by Location

Dr. Andrew Schiller, Founder & CEO, Location, Inc.Dr. Andrew Schiller, Founder & CEO
Geography is a discipline at the interface of social and natural sciences. In 2000, when Dr. Andrew Schiller, a Ph.D. geographer, combined geography with advanced analytics, Location, Inc. was born. Location, Inc. delivers SaaS products and location-based intelligence through web, API, or formatted reports and has more than 70 million customers who have leveraged its solutions to mitigate risk, protect company assets, and uncover opportunities.

Location, Inc. shows how geographic expertise combined with predictive analytics can be a valuable asset with RiskSuite™, the insurance industry’s first full cross-portfolio suite of risk assessment analytics. At up to 20x risk segmentation over existing models, RiskSuite reveals that crime, fire, hail, and non-weather-related insurance claim losses are driven by human behavior and property vulnerability, as well as location. This new approach—using the probability of human behavior-related risk damage occurrence in addition to severity—empowers carriers to better price policies, improve underwriting performance, and target low-risk locations.

CrimeRisk™, one of Location, Inc.’s groundbreaking products, offers seamless national coverage of the total, property, and violent crime risks for every major crime type for any U.S. or Canadian address. Dr. Schiller, the CEO and Founder of Location, Inc. explains that the product is licensed into multiple industries outside of insurance, including real estate and retail, owing to the rising opportunities for predictive capabilities, including CrimeRisk’s role in fraud detection.

FireRisk™, another product in the RiskSuite family, takes the fresh approach of taking human behavior into account to better predict fire-related insurance loss. This new method of assessing risk predicts where fires are most likely to occur in the first place due to common causes—cooking, candles, heating systems, fireplaces, improper storage of flammable materials, smoking, children playing with fire, and the use or misuse of electrical appliances and systems.


We are at the forefront of human behavior risk loss, helping insurers uncover new opportunities in an otherwise mature industry


All of these causes are associated with behavior, and the vulnerability of structures to have a fire if interacted with irresponsible or negligent behavior. Location, Inc. took a similar approach, but with different sets of data, to predict insurance losses due to non-weather-related water damage. The most common causes of non-weather-related water damage include appliance, water heater, and frozen pipe leaks and failures, faulty plumbing, failed connector hoses, clogged drains, overflowing bath tubs, and sewer backups.

Twelve state insurance departments already approve of insurers rate filings utilizing Location, Inc.’s predictive crime analytics. Location, Inc. seamlessly supports insurer rate filings in any state under confidential filing support.

What makes Location, Inc. unique is its ability to invent and innovate, combined with its big data predictive analytics expertise, and its propensity to think geospatially—“we’re problem-solving inventors,” says Dr. Schiller. “The company is focused on recognizing relationships between people, their behaviors, and their environment, to accurately predict risks of insurance claims loss.”

With its wave of pioneering location-based analytics products, Location, Inc. continues to advance its products and unleash its loss prediction capability, like hail damage insurance losses by location. “We are at the forefront of human behavior risk loss, helping insurers uncover new opportunities in an otherwise mature industry,” adds Dr. Schiller. With such innovative solutions built with an understanding of the present scenario and forecasting the future, Location, Inc. indeed promises to help insurers improve their bottom line through better pricing of policies, underwriting performance, and targeting of low-risk policy locations.