Weather Data For Improved Insurance Claims

Weather Data For Improved Insurance Claims

October 10, 2016 3:10 pm Published by

The insurance industry is at a pivotal moment in time when it comes to claims processing. Gone are the days where customers will patiently wait for adjusters to visit their homes to assess damage. Gone are the days where customers expect the claims process to be one of the few communication points with their insurance companies. And, gone are the days where the only weather data insurance companies have to rely on is unreliable radar data. Today, customers expect more from their insurance company but insurance companies continue to struggle to find the most effective way to embrace technology and ensure continued growth in the digital age. The solution must be based on weather data that is so granular and so accurate that it is able to power automated claims outcomes and consumer messaging that can provide relevant information to engage policyholders.

Understory weather stations are deployed on the ground; each with technologically advanced sensors that detect and deliver over 3,000 real-time measurements per second that are delivered to insurance companies. Understory then correlates real-time weather events to hyper-local, property-specific damage. Putting this type of granular weather data into action, Insurers are able to strengthen customer relationships by integrating Understory’s real-time weather data with multi-channel messaging. This empowers insurance companies to communicate with policyholders before, during and after weather events. Based on the accuracy and granularity of Understory data, insurance companies are reducing the cost of claims by converting field adjusting claims to desk adjusting, providing automated and first-time claims settlement and mitigating unwarranted claims through customer education.

 

Understory solutions include ground-truth and national weather data covering seven major perils, multi-channel messaging, insurer-branded mobile applications and an insurer’s score card that reports general loss, number of claims adjusters needed, people required within a call center and how to best prioritize CAT and other resources – all within minutes after a storm. With the advent of Understory’s comprehensive weather suite, insurers are able to easily transform everything from their claims processing to their customer messaging strategy.