OREM, Utah and TAMPA, Fla. — Xactware and the Insurance Institute for Business & Home Safety (IBHS) are conducting an in-depth claims analysis of a major hailstorm to study the performance of roofs, doors, windows, and other building structures in extreme storm conditions.
The analysis will center on a massive storm that battered Dallas and Fort Worth, Texas, on May 24 to 25, 2011, with hail that measured up to 5 inches in diameter and caused about $300 million in losses. Xactware, a leading provider of claims estimating and claims management technology for the property insurance, remodeling, and restoration industries, will work with IBHS to analyze claims data from the storm and to identify factors that contributed to the extent of structural damage.
“We’re excited about the initiative with Xactware because we need to understand why certain homes experienced damage from this hailstorm while others nearby did not,” said Dr. Tanya Brown, a research engineer at IBHS. “Was it because of a difference in materials, maintenance, aging, or the actual hailstorm conditions? The analysis we will conduct with Xactware is a great way to examine these issues.”
IBHS and Xactware will compare differences in roof-related claims, including severity between various roof covers and between impact resistant versus non-impact resistant roofs. The analysis will also plot claims data on geo-spatial charts to create a visual representation of storm damage sustained by the roofs as well as doors, windows, siding, and other exterior structures.
“We welcome the opportunity to work jointly with IBHS on this project,” said Xactware President and CEO Jim Loveland. “We’re confident the research will yield valuable information that will identify ways to minimize property damage caused by future hailstorms.”
IBHS is a leading national expert on preparing for catastrophe and repairing and rebuilding structures to make them more disaster-resistant. Xactware and its parent company, Verisk Analytics (Nasdaq:VRSK), are IBHS members. Claims data used in the study was received by XactAnalysis®, Xactware’s claims management, analytical, and reporting tool for the property insurance industry.
Xactware Solutions (Xactware) is a Verisk Analytics (Nasdaq:VRSK) company that specializes in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time. For more information about Xactware’s products and services, contact Xactware at 1-800-424-9228 or www.xactware.com.
About the Insurance Institute for Business & Home Safety
IBHS is an independent, nonprofit, scientific research and communications organization supported by the property insurance industry. The organization works to reduce the social and economic effects of natural disasters and other risks on residential and commercial property by conducting building science research and advocating improved construction, maintenance and preparedness practices. For more information about how to reduce disaster-related property losses, visit www.DisasterSafety.org.
813-675-1045 / 813-442-2845