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Verisk Climate Extends Benchmarks

Enhances integration with XactAnalysis and adds new web and mobile apps

Verisk Climate announced new analytics and software capabilities for the BenchmarkTM database used by property/casualty insurers to streamline claims management, improve accuracy in claims records, and boost customer satisfaction.  For the first time in the industry, claims personnel can access property-specific wind history reports when adjusting wind damage claims in addition to hail and lightning reports. Also for the first time, insurers can access hail and wind reports for Canadian properties on demand over the web. Verisk Climate is a division of Verisk Analytics (Nasdaq:VRSK).

The 2014 Benchmark enhancements include:

  • The new wind history report is the first on-demand property-specific windstorm analysis available for the insurance industry via the web.
  • New interactive hail and wind maps show the location and severity of hail size and wind speed across metro areas and states.
  • Hail and wind analyses now include Canada in addition to the United States.
  • Now Benchmark for XactAnalysis® includes property-specific wind history reports in addition to hail and lightning reports. These reports can be added to the claims record automatically or on demand and accessed in both Xactimate® and XactAnalysis.
  • The new Benchmark Web and Benchmark Mobile applications expand the self-service platforms for insurers and their service partners by enabling access to the reports and maps from the field.

The Benchmark database is the most vertically integrated weather resource in the insurance industry. It provides the comprehensive history of catastrophe and noncatastrophe hail, wind, rain, lightning, and other hazards that occurred at each property on each day for up to the last ten years. Insurance companies integrate this natural hazard archive at each property address to streamline their underwriting and claims workflows.

Source:  Verisk Climate

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