Pioneer State Mutual Integrates Verisk’s Local Fire Protection Data
December 09 2021 - 8:00AM
Pioneer State Mutual Insurance Company is transforming its property
underwriting with advanced analytics from Verisk on the fire
protection capabilities of local communities throughout Michigan.
By integrating data from Verisk’s Public Protection
Classification (PPC®) program, Pioneer State Mutual will leverage
multifactor grading of properties based on fire department response
effectiveness, emergency communications capabilities, water supply
adequacy and community fire mitigation efforts.
The PPC data is being delivered through Verisk’s LOCATION suite
of solutions, which provides address-level information on a variety
of risks and includes the only national database of recognized
hydrants and alternative sources of firefighting water.
"As we continue to fuel our digital transformations, leveraging
the industry's most longstanding and robust fire protection data
points from Verisk will help us better serve our customers and
improve our competitive position in the market," said Jason
VanSteenburg, vice president and director of marketing at Pioneer
State Mutual.
Unique risk metric is up to nine times more predictive of
future fire loss
PPC combines information encompassing more than 1,000 unique
data elements to deliver a risk metric that Verisk research found
to be nine times more predictive of future fire loss than solely
distance to fire station and over three times more predictive than
fire station type alone.
"Our analysis has shown that the nearest fire station is not the
primary responding fire station about 20 percent of the time. It’s
one of many ways properties can be misclassified in terms of fire
protection, which can lead to mispriced risk and adverse
selection," said Doug Caccese, president of ISO Personal Lines at
Verisk. "By assembling more than 1,000 unique data elements, PPC
can help carriers like Pioneer State Mutual gain a more precise
view of property risk, refine pricing and enhance the customer
experience."
In addition to unique data, Verisk offers deep domain expertise
that helps turn data into meaningful insights. Digitized files and
state-of-the-art geographic information system (GIS) technology
help Verisk provide granular, up-to-date PPC information. The
underlying data passes through Verisk’s deep bench of in-house
experts in the fire service, who have built decades-long
relationships with fire chiefs, water authorities and other local
government officials.
The LOCATION suite of solutions covers an array of address-level
property data for insurers: building code adoption and enforcement,
crime, latitude/longitude, premium tax, sinkhole, and territories.
Also included are catastrophe management tools related to flood,
hail and wildfire.
To learn how Verisk can help prevent PPC misclassification for
insured risks, visit www.verisk.com/ppc.
About Verisk Verisk (Nasdaq:VRSK) provides
predictive analytics and decision support solutions to customers in
the insurance, energy and specialized markets, and financial
services industries. More than 70 percent of the FORTUNE 100 relies
on the company’s advanced technologies to manage risks, make better
decisions and improve operating efficiency. The company’s analytic
solutions address insurance underwriting and claims, fraud,
regulatory compliance, natural resources, catastrophes, economic
forecasting, geopolitical risks, as well as environmental, social
and governance (ESG) matters. Celebrating its 50th anniversary, the
company continues to make the world better, safer and stronger, and
fosters an inclusive and diverse culture where all team members
feel they belong. With more than 100 offices in nearly 35
countries, Verisk consistently earns certification by Great Place
to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and
YouTube.
About Pioneer State MutualPioneer State Mutual is a
Michigan-based insurance company, headquartered in Flint, Michigan,
that has been exclusively "Insuring Michigan" since 1908. The
company has almost 200 employees and roughly 180,000 policyholders,
writing over $260 million in direct written premium through
approximately 220 Independent Agency partners.
Media Contact:
Michelle Pantina
201-469-3177
michelle.pantina@verisk.com
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