Understory Launches Weather Intelligence Storm Estimates
By a
"Property and casualty carriers need to know, quantifiably, what happened in the immediate aftermath of any weather event," said
After a hail event, a WISE assessment is automatically delivered to clients to provide an estimate of claims volume and total indemnity. Driven by damage analytics combined with historical claiming information, WISE's machine learning model predicts human behavior relative to claim submissions in areas both where damage occurs and where it does not. Planning metrics include: Policyholder behavior-Claiming volume for areas of likely property damage, damage-related insight based on property characteristics and the ability to recognize potential fraud Adjuster experience-Adjuster workforce requirements relative to adjuster experience in storm aftermath Submission timing-Claims volume expected through First Notice of Loss each week following an event
During a 2017 Denver hail storm that caused more than
With 500 stations deployed across five major metropolitan areas, Understory has worked with the insurance industry to analyze over 1,500,000 policyholders and 100,000 claims. Property and casualty insurance carriers have already seen pathways to over
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