CSAA is starting a new project with Verisk Analytics, a firm that studies data on insurance as well as other industries. The organizations will be “examining the impact of professionally monitored alarm systems on insurance risk,” according to a recent release from CSAA.
CSAA will combine its member alarm system data with Verisk’s proprietary insurance data. “Insights from this study could be used in filings for updated discounts with insurance department regulators,” CSAA said in the statement.
“This project is the most important collaboration between the alarm industry and the insurance industry in a generation. Working together with Verisk will quantify the value of security solutions to reduce risk and give the insurers a reason to offer their policy holders incentives for professionally monitored alarm systems,” CSAA president Pam Petrow said in a prepared statement.
Anthony Canale, vice president of Verisk Crime Analytics, said in the statement, “We’re excited to work with CSAA and use alarm system data to create risk models for our insurance stakeholders to help them quantify risk, reduce losses and improve their customers’ experience.”
Keith Jentoft, president of Videofied will be chair of the new CSAA/Verisk Exchange Committee (CVEC) that will be working on the project's data collection and analysis. Don Young, COO of Protection 1, was named the board liaison, giving the CSAA Board oversight and direction to the CVEC.
The late November announcement said that the project was approved on Oct. 11, during CSAA’s annual meeting.