CoreLogic Offers Location-Specific Wind Claims TechnologyApril 30, 2015
CoreLogic Offers Location-Specific Wind Claims Technology Property data and analytics firm CoreLogic has introduced new wind verification technology designed to improve the accuracy and timing of insurance claims related to severe wind damage.
The new technology combines proprietary three-dimensional storm models, storm-tracking models and artificial intelligence models with radar data, on-the-ground observations and actual damage reports to analyze wind conditions. The scientific and observation-based Wind Speed Maps and Wind Verification Reports from CoreLogic provide updated wind activity analysis at the property level every hour, drawing from data going back as early as 2006. As such, it is the only one of its kind post-event, forensic-quality severe wind speed database currently available, according to the company.
According to the firm, more timely and location-specific assessment for wind activity is a breakthrough for the insurance industry. CoreLogic Wind Speed Maps and Wind Verification Reports provide granular wind speed magnitudes that allow insurance professionals to verify if and when severe winds were detected at or near a specific location in order to make more precise damage assessments and, in some cases, avoid an on-site inspection.
To help adjusters verify what the loss was during a particular policy period and corroborate policyholder claims, the Wind Verification Reports provide data on every severe windstorm event dating back to January 2006, including hurricanes, thunderstorms, straight-line winds, Chinooks, Santa Ana winds, coastal lows and derechos, which are widespread, long-lived straight-line wind storms.
More timely and accurate wind data, together with the new technology, should also help mitigate against fraudulent claims which have been prevalent with wind-related storms.
Wind and hail claims are one of the largest categories of property damage expenses each year. In fact, $30 out of every $100 collected for a homeowners insurance premium goes toward wind and hail claim payments, with the majority of claims involving roof damage. From 2007 to 2011, the average claim was $7,177, according to the Insurance Information Institute.