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CSAA’s CVEC project could reduce attrition

Wednesday, December 9, 2015

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.”

CSAA announces insurance-focused project

Wednesday, December 2, 2015

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.

PPVAR names Verisk exec to board


ST. PAUL, Minn.—Anthony Canale, vice president of Verisk Crime Analytics, has joined the board of directors of the Partnership for Priority Video Alarm Response, the group announced this week.