VIENNA, Va.—After CSAA announced its latest project with Verisk Analytics last week, I was interested to hear more about exactly the collaboration will cover. Keith Jentoft, chair of the CSAA/Verisk Exchange Committee (CVEC) and president of Videofied, told me that the project will develop a channel of communication between security companies and insurance providers, ultimately leading to a possible drop in attrition.
“What we’re doing here is, if you cancel [a monitoring subscription] there’s going to be a closed loop,” he said. “The insurer will, then, notify you that because you cancelled your alarm, your insurance is going up. So, it will have a real, direct effect on reducing attrition.”
The project will cover the value of separate security functions, such as water sensor with an automatic shut-off valve or video verification. This will mean incremental discounts for property owners, Jentoft said. All of the services that the CVEC is looking at are fully, professionally monitored, he said.
Verisk is the parent company to ISO, Jentoft pointed out, a group that works on risk ratings across the country, which can speed up the process of applying the valuations of security alarm functions. “We’re cutting years out of the implementation of this by working with Verisk.”
The project will be ongoing, according to Jentoft. “The tighter we get with the insurer, the more value we can create.”
The committee has a legal subcommittee and a technology subcommittee, focused on the data transfers between the two industries, which Jentoft said would be truly starting in January, “we hope to have some preliminary results by ISC West.”