When natural catastrophe strikes, it can be difficult for insurance professionals to see the complete picture because events like hurricanes and wildfires tend to evolve and grow over time. The ongoing wildfires in California are the perfect example of a natural hazard that keeps on changing – a slight alteration in the wind is all it takes to put new assets at peril.
CoreLogic, a global property information, analytics and data-enabled solutions provider recently announced the launch of a publicly-accessible risk information resources center, called Hazard HQ. The information hub promises high-level analyses and up-to-date data insights on the immediate risks natural catastrophes pose to properties across the US.
Tapping into the resources provided on Hazard HQ could really assist brokers in going that extra mile for their clients in hazardous areas, according to Maiclaire Bolton Smith, senior leader, research and content strategy for CoreLogic. It’s an easy resource for brokers to refer to for real-time information on catastrophe events or insights into past events that can shape their client services.
“The idea of Hazard HQ was formed last year following the active hurricane and wildfire seasons. We really focused on providing thought leadership and insight into the events as they were happening, but when we got to the end of the season, we found that a lot of our information was spattered in different locations. We decided that, moving forwards, we wanted to have all of our information in one place, which is what led to us coming up with the concept of Hazard HQ,” Smith told Insurance Business.
“In Hazard HQ, we will be offering a complete perspective of property risks, including geospatial differences, risk and damage assessment, and what potential reconstruction and valuation might look like. It’s not all going to be real-time information about live events. We will provide insights and thought leadership about past events and how homeowners can better prepare for future hazards.”
CoreLogic is well known for its catastrophe risk modeling and post-event loss reports and coverage. These reports tend to include expert analysis that may go beyond the average homeowner’s understanding. The “beauty of Hazard HQ,” according to Smith, is that the platform presents all information in a consumer-friendly way. For brokers carrying out their ‘trusted advisor’ role, Hazard HQ’s easy-to-understand pieces of information could be a great value-add in broker-client relations.
“The one thing we’re really trying to hit home is how an information resource like Hazard HQ can really raise awareness among general homeowners about the risks they face so that if disaster does strike, they can accelerate their recovery,” Smith added.