Analytics service launches wind verification technology

An analytics service provider introduced a new tool to improve the accuracy and timing of wind damage insurance claims.

Insurance News

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Analytics service provider CoreLogic is releasing a new wind verification technology designed to improve the accuracy and timing of insurance claims related to wind damage.

The tool, linked to CoreLogic’s scientific and observation-based Wind Speed Maps and Wind Verification Reports, provides updated wind activity analysis at the insured property by hour. Data goes back as early as 2006.

CoreLogic hopes the tool will allow insurance carriers and adjusters to verify if and when severe winds are detected at a specific location in order to make more precise damage assessments and possibly avoid on-site inspection.

The development of the tool is an alternative to airport-based and private weather observation sation measurements, which the analytics company says can provide ambiguous data due to their stationary status and distance from the insured property level.

“Insurance carriers and adjusters are responsible for making difficult decisions, and it helps to have an objective source to guide the decision-making process, whether it’s for evaluating entire books of business or processing individual wind-related claims,” said Lindene Patton, global head of hazard product development for CoreLogic. “Wind verification through scientific observation is going to mean more efficient and effective claims, which will reduce time, mitigate fraud and improve bottom-line results for claims adjusters.”

Wind, along with hail, is emerging as one of the biggest sources of property damage expenses each year. According to the Insurance Information Institute, the average wind and hail claim is $7,177. Additionally, $30 out of every $100 collected for a homeowners insurance premium goes toward payouts for wind and hail claims.
 

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