Hastings Strengthens Household Underwriting Capabilities with Verisk’s UKBuildings, Robust Building and Property Data

    Hastings Strengthens Household Underwriting Capabilities with Verisk’s UKBuildings, Robust Building and Property Data

LONDON, UK, March 05, 2024 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, is pleased to announce that Hastings Direct, the technology driven UK insurance provider, is enhancing its household underwriting service capabilities through licensing Verisk’s UKBuildings.

UKBuildings is a comprehensive and highly granular property database for an organisation or industry interested in accurate buildings data including, but not limited to residential and commercial insurance underwriters.

The addition of Verisk's UKBuildings data to Hastings Direct’s underwriting services toolkit will enable the company to refine its risk assessment and underwriting analysis to meet the needs of its insurance underwriter by providing valuable insights into various property attributes, including basements.

“Following the completion of a rigorous data test affirming the reliability and accuracy of Verisk’s UKBuildings, we were particularly impressed by the solution’s high level of detail and its ability to identify residential properties with basements,” says Simon Parker, Head of Household Underwriting, Hastings Direct. “The rich dataset will empower more informed decisions, strengthen risk management capabilities, and ultimately enhance the overall customer experience."

Alex Croydon, managing director of general insurance UK at Verisk, added: “We are excited to support Hastings in its mission to accelerate growth and improve its household insurance book. Our UKBuildings data is designed to help provide insurers with a comprehensive understanding of property attributes, and we are confident that this collaboration will yield positive outcomes for both parties."

About Verisk 
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom. 

About Hastings
Founded in 1996 in Bexhill-on-Sea on the Sussex coast, the Hastings Group is one of the leading general insurance providers to the UK market, with 3.5 million live customer policies and employing over 3,300 colleagues.

The Group provides simple and straightforward products and services to UK car, bike, van, and home insurance customers with around 90% of policies directly underwritten by its Gibraltar-based Underwriting business, Advantage Insurance Company Limited.

For more information visit the Hastings Group website.