"We`re excited to join the Verisk Analytics family of businesses and expand AIR`s offerings through our expertise in liability risk," said Robin Wilkinson, founder and managing director of Arium.
"We believe Arium`s capabilities will allow us to do for casualty analytics what we`ve already done for property analytics, helping insurers and reinsurers comprehensively manage risk across their portfolios." Benchmark reports add consistency and accuracy to both field and desk decisions, allowing for proper maximization of catastrophe loss recoveries."The industry has been searching for a platform and methodology to manage the complete range of its casualty risk," said Bill Churney, president of AIR Worldwide. Benchmark helps your catastrophe and claims adjusters improve claim settlement time and policyholder satisfaction with fast access to location-specific weather analysis and a clear understanding of a storm’s impact. Utilizing the same data as Respond, Benchmark is an easy-to-use weather analytics resource for insurers and service providers that offers claims teams property-specific, quick, accurate reports for hail, wind, and lightning. Once claims have been filed, Benchmark weather reports can help make sure you have the date of loss right. The weather graphics in the PCS bulletins serve as a starting point for understanding weather impacts, but high resolution data in your hands can allow for a more targeted and accurate response. With Respond, you will be able to understand the potential losses to your specific book of business as PCS declares CAT events. Surge analysis indicates depth above mean sea level and depth above local ground level. The analysis includes sustained winds and gusts throughout the life of the tropical cyclone, including wind effects far inland. You receive wind speed and storm surge forecasts and analysis multiple times per day.
The hurricane forecast and analysis helps you estimate potential effects five days before landfall. The analysis takes into account land surface properties such as trees, grassland, and urbanized areas. The wind data calculations combine Verisk's proprietary radar-based analysis of downbursts from severe thunderstorms with wind speed data from National Weather Service observing stations across the United States. As a result, the hail data improves the predictive skill of data applications and the usefulness of the data by claims adjusters in the field. The hail data maximizes accurate hail detection while minimizing false positives. Verisk was the first to provide the insurance industry hail analysis derived from dual-polarization radar data and two-minute radar data frequency.
We refine our proprietary algorithms and analysis approaches continuously in order to deliver the most accurate analysis to our customers. Respond automates detailed analysis of the storm effects from hail, wind, rain, hurricane, storm surge, tornado, and wildfire. We can provide expert interpretation and commentary on the analysis. Our analysts can work with your team to use our proprietary algorithms and cross-industry data to predict the effect of a storm in the context of your book of business. Predictive Analytics for Claims: Improve predictive modeling for claims volume and pace.IBNR Analysis: Determine impacted policies right after an event and estimate the volume of claims incurred but not reported.Screen claims and identify potential fraud. Opportunities in the Field: Contact policyholders quickly after an event to enhance customer loyalty.Insurance companies have identified millions of dollars of additional catastrophe recoveries or classified losses using Respond. CAT Treaty Recovery: Determine whether a loss was part of a catastrophe event.Claims Management Decisions: Determine if a weather event should be designated a catastrophe and quickly assess storm severity, the number of claims adjusters and third party adjusters needed, and at what locations they’re needed most.Respond’s precision analysis helps insurers improve: The near real-time weather analytics are tailored to your needs and integrated into your workflow. Respond lets you visualize the effect of each peril in the context of your book of business.
With Respond, Verisk is changing the way insurers react to damage from natural hazards. You can better mitigate risk, improve service, and optimize response resources. Respond ® geospatial weather data can help you correlate each storm’s severity and anticipate the effects more accurately.
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