CoreLogic Announces Business Relationship with Weather Services International to Enhance Hazard Risk Data and Analysis
June 25, 2013, Irvine, Calif. –
—CoreLogic Spatial Solutions to Integrate Lightning Hazard Data into Proprietary RiskMeter Online Platform—
CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today announced a new business relationship with Weather Services International (WSI). CoreLogic will integrate WSI hazard data, starting with localized lightning risk data, into the RiskMeter Online™ platform to expand the availability of innovative hazard risk analysis tools and solutions to its clients.
WSI, the professional division of The Weather Company and innovation engine of The Weather Channel, provides weather data and tools to professionals in the energy, aviation, insurance and media markets, as well as multiple federal and state government agencies. CoreLogic will now have access to exclusive new WSI hazard risk indices, beginning with highly granular historical lightning data.
“This agreement with Weather Services International is a tremendous opportunity to provide insurers and other decision-makers access to a new level of understanding in property-level natural hazard risk analysis and plug into a resource unrivaled in the global weather and hazard-monitoring space,” said Dr. Howard Botts, vice president of database development for CoreLogic Spatial Solutions. “With access to the vast amount of historical lightning data from WSI, we are now able to pinpoint the risk of cloud-to-ground lightning strikes at any location across the continental U.S, providing added visibility into one of the costliest and most dangerous hazard threats that can also trigger other perils like wildfire.
Through the existing RiskMeter Online platform, CoreLogic will introduce an innovative risk score that allows users to determine the threat of lightning strikes for a specific area using one of the most geographically extensive lightning databases available. Based on a scale from 0-100, the CoreLogic Lightning Risk Score is calculated from high-resolution data derived from records of historical strike density spanning eight years. To ensure precision in the analysis, the data accounts for a variety of small-scale variances that can easily impact the level of lightning risk from neighborhood to neighborhood, including mountains, valleys, lakes, rivers and other defining geographic features.
“Weather-related losses are climbing, with five of the six worst weather years in U.S. property and casualty history occurring since 2004. For that reason, it’s crucial that insurers are able to assess weather-related exposure before finalizing a policy using the latest hazard modeling and predictive analytics,” said Andy Rice, enterprise general manager of WSI. “With CoreLogic, we’re now able to enhance the underwriting process, turning the world’s most extensive weather data and algorithms into easy-to-consume insight that ultimately helps insurers make better-informed business decisions.”
CoreLogic RiskMeter Online is a web-based insurance platform and uses geospatial technology to determine proximity to natural hazards for any property in the U.S. The platform integrates GIS technology to create natural-hazard risk reports, offering a holistic view of hazard risk at the property level, including exposure to wildfire, storm surge and freshwater flood damage.
The integration of historical lightning data into the CoreLogic RiskMeter Online platform is the first of numerous innovations and new product offerings resulting from this new business relationship.
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The company’s combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
About WSI Corporation
WSI (Weather Services International) is the world's leading provider of weather-driven business solutions for professionals in the aviation, energy, insurance and media markets, as well as multiple federal and state government agencies. WSI is the Professional Division of The Weather Company and is headquartered in Andover, Massachusetts with offices in Birmingham, England and Madison, WI. The Weather Company is owned by a consortium made up of NBC Universal and the private equity firms The Blackstone Group and Bain Capital. For more information go to www.wsi.com
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