CoreLogic has launched two catastrophe-related risk assessment and verification tools for the Canadian market.
Specifically, CoreLogic has made available its Flood Risk Score and Hail Weather Verification services.
The Flood Risk Score service, available through RiskMeter Online, “provides the analytic capability to help customers identify flood risk for all flood hazard perils,” a release said. Such flood risks include riverine flood, flash flood, and coastal flood. With Flood Risk Score, insurers can make informed decisions on matters such as flood insurance pricing, flood mitigation, and risk communications. The tool was developed by PhD scientists specializing in hydrology and “algorithmic-based risk assessments.”
CoreLogic’s Hail Weather Verification service allows insurers to assess the geographic extent during and after a hail event. Users can also receive proactive hail event notifications on affected policies. The service allows both insurers and carriers to better understand the areas hit the hardest by hail, and anticipate claims volume and their locations.
“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,” said CoreLogic senior product manager Mark Drollinger.
Drollinger added that the risk assessment solutions allow carriers to easily gather flood and hail event information and ensure that better policy and risk decisions are made.
