CoreLogic Introduces Proprietary Wind Verification Technology
March 30, 2015, Irvine, Calif. –
This press release was updated on April 15, 2015.
––New Scientific-Based Analytics To Help Insurers Improve Claims Accuracy and Processing—
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today introduced new wind verification technology that will improve the accuracy and timing of insurance claims related to severe wind damage. The new technology combines proprietary three-dimensional storm models, storm-tracking models and leading-edge artificial intelligence models with radar data, on-the-ground observations and actual damage reports to analyze wind conditions. The scientific and observation-based Wind Speed Maps and Wind Verification Reports from CoreLogic provide updated wind activity analysis at the property level every hour, drawing from data going back as early as 2006. As such, it is the only one of its kind post-event, forensic-quality severe wind speed database currently available.
More timely and location-specific assessment for wind activity is a breakthrough for the insurance industry. CoreLogic Wind Speed Maps and Wind Verification Reports provide granular wind speed magnitudes that allow insurance professionals to verify if and when severe winds were detected at or near a specific location in order to make more precise damage assessments and, in some cases, avoid an on-site inspection. Previously, insurers relied on airport-based and private weather observation station measurements, which can lead to significant ambiguity, as these observations represent a single stationary location and are not representative of activity at the property level. Instant report delivery, as well as custom workflow integration, enhances the ability of insurers to reduce time for claims decisions and processing.
To help adjusters verify what the loss was during a particular policy period and corroborate policyholders’ claims, the Wind Verification Reports provide data on every severe windstorm event dating back to January 2006, including hurricanes, thunderstorms, straight-line winds, Chinooks, Santa Ana winds, coastal lows and “derechos,” which are widespread, long-lived straight-line wind storms. The reports include estimated maximum wind speed magnitudes within one, three and ten miles of a location enabling accurate assessment of when and where severe winds likely impacted properties.
More timely and accurate wind data, together with the new technology, will help mitigate against fraudulent claims which have traditionally been prevalent with wind-related storms given the broad geographic assessments of wind activity that were previously relied upon.
“Insurance carriers and adjusters are responsible for making difficult decisions, and it helps to have an objective source to guide the decision-making process, whether it’s for evaluating entire books of business or processing individual wind-related claims,” said Lindene Patton, global head of hazard product development for CoreLogic. “This unique technology provides an element of quality assurance that simply hasn’t been available to the industry before now. Wind verification through scientific observation is going to mean more efficient and effective claims, which will reduce time, mitigate fraud and improve bottom-line results for claims adjusters.
“Wind is one of nature’s most difficult hazards to measure, and for the past century, the industry has depended on unreliable sources,” said Patton. “Wind speeds and direction reported from an airport weather vane can be 20-100 miles away from where a specific wind event occurred and do not represent actual conditions and storm impact at the property level. Wind speeds can vary dramatically over very short distances because of variance in topography and land use, so it’s important to evaluative activity at the granular level.”
For more information, visit http://www.corelogic.com/landing-pages/wind-verification-science.aspx.
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The company’s combined data from public, contributory and proprietary sources includes over 3.5 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, and the public sector. 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 North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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