Verisk bolsters climate intelligence offering

Verisk, global data analytics provider, has launched a web-based weather and analytics solution that will allow insurers, first responders, and supply chain logistics operators to analyse the impact of severe weather more effectively.

Verisk’s Respond mapping and analytics platform, Respond MAP, enables users to combine valuable weather data with locations of interest, such as policies-in-force, to quickly evaluate the impact of significant weather events. The solution provides critical insights for perils such as hail, wind, wildfire, tornado and hurricane. Respond MAP is included as part of the Respond weather data package.

With near real-time updates as frequent as every five minutes, Respond shapefiles delivered into Respond MAP can be a major asset to evaluate risk and help improve the overall performance of businesses dependent on understanding the impact of severe weather.

Respond MAP also offers users the ability to view both pre-catastrophe and post-catastrophe imagery, as well as damage estimation analytics for major weather events such as hurricanes, significant tornadoes and wildfires.

Verisk offers computer software solutions, such as Respond and Benchmark, for insurance professionals responding to severe weather events. Respond’s insights can help insurers determine how books of business are impacted by severe weather and assist in critical decision making, such as setting reserves and allocating resources. With this enhanced capability, insurers can aim to shorten claims cycles and improve customer satisfaction.

Mike Fulton, Verisk’s president of property estimating solutions, said, “Respond Map is a sharper, more specific solution that we believe will drive our mission to provide the critical weather information our customers need following a severe weather event.

“We recognize the needs of the market and are dedicated to continually improving by adjusting, developing and combining solutions to provide the best possible weather data and analytics in the industry.”

With climate change-induced hazardous weather events becoming more frequent, insurers stand to benefit from better climate intelligence. Athenium Analytics, a provider of climate intelligence and enterprise risk analytics, recently partnered with Duck Creek Technologiesto deliver natural hazard risk scores to help carriers manage climate and property risk across the US.

The partnership will see Athenium will offer its proprietary risk scores through the Duck Creek Content Exchange via an Anywhere Enabled Integration, allowing underwriting teams to analyse nationwide policy risk and write smarter business in a changing climate.

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