Insurance tech company Think Geohazards has released an enhanced version of its flood risk estimation tool to allow flood insurance carriers and government agencies to more precisely project flood loss in any given area.
The company had previously introduced the True Flood Risk consumer flood informational website. It allows consumers to determine their NFIP flood insurance premium rate based on the elevation level of their property’s first floor, inherent flood risk in the area of the property, and other factors (such as the existence of a basement, number of floors, etc.). The website accomplishes this calculation by integrating consumer property information into a Google Maps Street View API development platform, while overlaying historical flood event data.
Now, Portfolio Advisory Services (PAS) – Think Geohazards’ new product – is geared towards private and write-your-own flood insurance carriers, as well as government agencies. Utilizing similar technologies as the True Flood Risk estimator, PAS provides structural elevation data; the difference is that PAS reviews a client’s existing portfolio and prospective customers, providing carriers and/or government agencies location-specific information on homeowner and commercial policy elevation data instead of information on just one property.
PAS will allow insurers to create more accurate vulnerability curves for specific neighborhoods, which in turn provides more precise loss estimation. Simulated loss estimations for a given portfolio may also be validated or benchmarked with the tool.
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