Benchmark® provides natural hazard analysis reports from weather events in near real time, including property-specific date of loss and history analysis for hail, wind, and lightning – delivered to you in the Verisk platforms you use today, including Xactimate, XactAnalysis, Decision Net, and ClaimSearch.
With Benchmark you can:
Based on XactAnalysis data, 30% of hail-related claims list inaccurate dates of loss, often leading to non-catastrophe claims classification and costing millions in lost reinsurance recoveries.
You can order Benchmark reports for hail, straight line wind, hurricane wind, and lightning strikes.
Incorporating advanced environmental data paired with sophisticated proprietary algorithms, hail reports offer a detailed view of hail data and future hail probability. Aided by specific data like hail size and wind speed at the property and surrounding 5 miles, adjusters can verify severe weather and events that have occurred at and around the loss site.
Property specific data for claim locations used to identify when lightning occurred at or near the location, lightning reports include details on the number of strikes occurring within 5 miles of the property over a three-day period. The reports let adjusters identify the distance of the lightning strike relative to the claim location for added accuracy.
Including details on wind speed and wind duration data on the date of loss, this report also includes historical data to verify other events that have occurred at the property location. Incorporating severe weather data within 1 and 5 miles of the property, this report can help verify these events without the need to visit the loss site.
Improving the accuracy and speed of the claim process with a data-backed assessment of severe weather, this report can identify the date and history of hurricane or tropical storm winds occurring at the property. Including details for specific tropical cyclone events, hurricane wind reports can help you gain deeper visibility on wind speed and wind duration at and around the claim site.
Damaging weather event occurs, FNOL is received from policyholder
Benchmark report is downloaded
Damage is verified and the additional data speeds the adjusting process
Benchmark’s data source is Respond®—the industry’s most comprehensive hail-fall detection and wind speed verification resource for the United States and Canada. The database provides a consistent and comprehensive record of catastrophe and non catastrophe hail, wind, rain, lightning, and other hazards that occurred at each property.
Benchmark reports can be purchased in a variety of ways.
1. From within the Verisk ecosystem
Xactimate | XactAnalysis | Decision Net | ClaimSearch
2. In the online store
Individual Benchmark reports can be purchased directly through the online store.
Do even more with Benchmark data. Use the Benchmark API to receive consistent weather data throughout your organization using the platforms, channels, and applications that match your needs.
Learn more about Benchmark enterprise solutions by contacting us.
The first, largest, and only full-cycle claims management software and reporting tool available in the property insurance industry.
Xactimate® is a software system for estimating the cost of repairs and reconstruction for residential and small commercial structures.
ClaimSearch is a robust insurance fraud detection system and claims intelligence platform that harnesses the world’s largest database of property/casualty claims.
Decision Net helps you complete claims quickly and spot potential fraud, filling in the gaps with supplemental claims information.
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