Verisk Analytics Divisions PCS and Verisk Climate to Integrate Natural Hazard Analyses into Catastrophe Bulletins
Aligns Use of Precision Climate Business Data across Enterprise for P&C Insurers
JERSEY CITY, N.J., April 8, 2014 — Verisk Analytics (Nasdaq:VRSK), a leading source of information about risk, today announced that its Property Claim Services® (PCS®) division now features weather analysis maps of affected areas as a new component of the PCS catastrophe designation and loss estimate bulletins for the property/casualty insurance industry.
The PCS enhancements for the United States use weather and natural hazard analytics from Verisk Climate, a division of Verisk Analytics. PCS will make similar enhancements available on June 1, 2014, for Canada. The PCS implementation of Verisk Climate analytics improves claims department productivity and enables higher levels of customer service.
PCS is the leading industry catastrophe loss aggregation source in the United States and Canada. When PCS designates a weather event as a catastrophe, the initial PCS Catastrophe Designation Bulletin can have an additional element such as a Verisk Climate Respond™ map that provides objective weather information illustrating the affected geographic areas. Additional detail associated with the event perils will be included in the first PCS Catastrophe Loss Estimate Bulletin.
Joe Louwagie, assistant vice president, PCS, said, “Integrating Verisk Climate peril maps and visuals into the PCS catastrophe bulletins meets a clear need for claims departments across the United States and Canada. The county-level Respond maps in the PCS bulletin can help insurers, reinsurers, and insurance-linked securities (ILS) market participants assess the severity of damage in the affected regions more quickly.”
“The catastrophe declarations issued by PCS serve an important function within insurer claim operations and are widely depended upon by investors and sponsors of insurance-linked securities,” said Kyle Beatty, president, Verisk Climate. “The Verisk Climate map shows the states and counties affected. This view is consistent with the full Respond service’s interactive and more detailed neighborhood-level analysis that claims departments embed in their operations to evaluate total effect on policies and reduce cycle time in verifying claims.”
Verisk Climate provides software, data, and analytics for enterprise climate risk management.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading provider of information about risk to professionals in insurance, healthcare, financial services, government, and risk management. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on vast industry expertise and unique proprietary data sets to provide predictive analytics and decision support solutions in fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk, data management, and many other fields. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com.