CoreLogic has announced the availability of its Flood Risk Score and Weather Verification Services for hail in Canada.
The CoreLogic Flood Risk Score is a rating system that helps insurers assess properties for potential flooding risk from riverine, flash and coastal flood events. As a result, insurers can streamline the underwriting process, mitigate loss and provide appropriate premiums and deductibles based on a holistic assessment of risk. The CoreLogic Weather Verification Service for hail verifies the presence of hail at insured locations, allowing insurers to improve client satisfaction and build loyalty by settling claims more efficiently.
“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,” says 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.”
Flood Risk Score for Canada
From 1900 to 2016, flooding in Canada has outranked all types of natural disaster events in both frequency and monetary losses, according to Public Safety Canada, and those costs have only increased over the past 30 years. In response, carriers are beginning to provide flood insurance products to their customers and assuming more risk, but it can be costly and time-consuming to develop a flood model in-house. The CoreLogic Flood Risk Score for Canada, available through RiskMeter Online™, was developed by PhD 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 Canada’s ten provinces and the entire risk spectrum, from small frequent floods to severe and catastrophic events. These capabilities can help better inform 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.
Hail Weather Verification Service for Canada
The CoreLogic Weather Verification Service for hail allows 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. Through these granular views of 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. As a result, insurers can quickly validate the presence of hail and date-of-loss, thereby streamlining the claims process, which can help greatly improve client satisfaction and loyalty.
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. Insurers can react quickly when flood events strike, and maintain detailed risk profiles as changes to the environment naturally occur.
For more information, please visit www.corelogic.com.
For the latest real estate news and trends, bookmark RISMedia.com.
