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Verisk expands hail analytics to streamline risk management

By Visualize Editor July 1, 2014

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Hail is a major risk management priority for property insurers. The new hail analytics from Verisk Climate help you manage hail risk more effectively. There are two components: the Hail Risk Score and the Hail Damage Score, both powered by the Benchmark database and extensively validated with industry loss data. The risk score provides a short- to medium-term view of property-level hail risk across the nation, and the damage score complements that view with property-level information identifying possible preexisting hail damage.

The Hail Risk Score contains the longest history of ultra-precision hail data available
Arindam Samanta, Ph.D., Manager, Underwriting Products and Analytics, Verisk Climate

Incorporate the most up-to-date view of hail risk into your pricing

The Hail Risk Score provides a measure of short- to medium-term future hail risk at the property level, which accounts for a potentially changing risk landscape. The risk score uses predictive analytics based on the highest-quality hail-related weather data to provide a meteorological view of future hail risk. The Hail Risk Score provides a valuable, scientifically validated view of hail risk to use when developing rates. Product managers and underwriters can use the risk score to develop granular plans commensurate with the actual risk, resulting in geographically based underwriting rules and rates for areas projected to have higher-than-average hail activity.

Identify preexisting hail damage to take underwriting action and optimize inspections

The second component is the previously released Hail Damage Score, which indicates the likelihood of existing hail damage at the property. The Hail Damage Score provides a point-of-sale score plus analytics about each storm that may have affected the property. You’ll get the Hail Damage Score, number of major hail events, and date of last major event. Business rules using the score can help you optimize inspection costs and set underwriting rules by determining whether the property needs an inspection and clarifying the property’s claim and repair history.

Together, the Hail Risk Score and Hail Damage Score will help you effectively segment and price your portfolio, while taking necessary actions to address preexisting damage risk from past hail exposure.

These hail analytics are available now through LOCATION®.