Verisk Weather Solutions

Respond^®

Respond^® geospatial weather data can help you correlate each storm’s severity and anticipate the effects more accurately. You can better mitigate risk, improve service, and optimize response resources.

With Respond, Verisk is changing the way insurers react to damage from natural hazards. Respond lets you visualize the effect of each peril in the context of your book of business. The near real-time weather analytics are tailored to your needs and integrated into your workflow.

Respond’s precision analysis helps insurers improve:

• 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.
   
• CAT Treaty Recovery: Determine whether a loss was part of a catastrophe event. Insurance companies have identified millions of dollars of additional catastrophe recoveries or classified losses using Respond.
   
• Opportunities in the Field: Contact policyholders quickly after an event to enhance customer loyalty. Screen claims and identify potential fraud.
   
• IBNR Analysis: Determine impacted policies right after an event and estimate the volume of claims incurred but not reported.
   
• Predictive Analytics for Claims: Improve predictive modeling for claims volume and pace. 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. We can provide expert interpretation and commentary on the analysis.

Respond automates detailed analysis of the storm effects from hail, wind, rain, hurricane, storm surge, tornado, and wildfire. We refine our proprietary algorithms and analysis approaches continuously in order to deliver the most accurate analysis to our customers.

Hail

Verisk was the first to provide the insurance industry hail analysis derived from dual-polarization radar data and two-minute radar data frequency. The hail data maximizes accurate hail detection while minimizing false positives. 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.

Wind

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. The analysis takes into account land surface properties such as trees, grassland, and urbanized areas.

Hurricane

The hurricane forecast and analysis helps you estimate potential effects five days before landfall. You receive wind speed and storm surge forecasts and analysis multiple times per day. The analysis includes sustained winds and gusts throughout the life of the tropical cyclone, including wind effects far inland. Surge analysis indicates depth above mean sea level and depth above local ground level.

With Respond, you will be able to understand the potential losses to your specific book of business as PCS declares CAT events. 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.

Benchmark^®

Once claims have been filed, Benchmark weather reports can help make sure you have the date of loss right. 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. 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. Benchmark reports add consistency and accuracy to both field and desk decisions, allowing for proper maximization of catastrophe loss recoveries.

Contact

For more information on Verisk’s Weather Solutions products, including Respond and Benchmark, please contact: weathersolutions@verisk.com.