View this article online: https://www.insurancejournal.com/news/international/2018/11/09/507207.htm
CoreLogic, the Irvine, Calif.-based property data and analytics firm, announced it is expanding its Flood Risk Score and Weather Verification Services for hail into Canada.
The availability of the CoreLogic Flood Risk Score and Weather Verification Service for hail in Canada means insurers and adjusters can more quickly and accurately assess risk in large areas, said CoreLogic, noting that insurers can react quickly when flood events strike, and maintain detailed risk profiles as changes to the environment naturally occur.
CoreLogic provided details of its two products:
Flood Risk Score for Canada. Available through RiskMeter Online, the flood risk score was developed by scientists who specialize in hydrology and algorithmic-based risk assessments. It provides the analytic capability to help customers identify flood risk for all flood hazard perils (riverine flood, flash flood, and coastal flood) across the Canada’s 10 provinces and the entire risk spectrum, from small frequent floods to severe and catastrophic events. These capabilities help with flood insurance pricing, flood risk mitigation and flood risk communications. Scores are based on comprehensive hydrological technology, scientific datasets, and decades of experience in providing flood risk assessments, noted CoreLogic.
Hail Weather Verification Service for Canada. This product verifies the presence of hail at insured locations, allowing insurers to see the geographic extent during and after a hail event at the national or property level, and to receive proactive hail event notifications on impacted policies. With granular views and timely communications around hail events and locations, insurers and carriers can better understand the hardest-hit areas, anticipate claim volumes and locations, and experience process improvements that accelerate workflow efficiency after hail events, explained CoreLogic.
“Expanding our Flood Risk Score and Weather Verification for hail data into Canada allows our underwriter and carrier neighbors to the north to have the best of both worlds, providing full coverage for their clients while also underwriting policies that are smart for their book of business,” said Mark Drollinger, senior product manager at CoreLogic. “These easy-to-integrate, affordable solutions allow carriers to consume flood and hail event information for a specific location and ensure better policy and risk decisions can be made.”
More information on the CoreLogic Flood Risk Score or Weather Verification Service for hail in Canada can be found on the CoreLogic website.
Source: CoreLogic