Correlate Policies with Storm Severity
Improve policyholder satisfaction with a faster, more accurate claims process
Weather-related losses across the United States and Canada totaled more than $116 billion from 2011 to 2015, according to Property Claim Services®. Even more, losses have increased dramatically—more than five-fold annually over the past three decades. Verisk’s Respond™ predictive analytics help you correlate each storm’s severity to local needs and anticipate a storm’s effects more accurately. Then you can better mitigate risk, improve service, and optimize response resources.
Your insureds need their claims payments faster than ever, and that means more pressure on your claims organization to:
- reduce cycle time to improve client satisfaction
- optimize response resources and claims adjustment expenses
- improve the quality of claims adjustment
Respond lets you visualize the effect of each peril in the context of local policies with near real-time weather analytics tailored to your needs and integrated into your workflow. The storm analytics indicate affected policy volume and severity so you know what operational response is needed to help your policyholders. It also helps you fine-tune incurred but not reported (IBNR) analysis as well as improve recoveries through accurate classification of catastrophe and noncatastrophe claims.
Comprehensive suite of natural hazards
You can mitigate risk, reduce loss cost, and improve service when responding to natural hazards including: