A collaboration announced today uses weather analysis to help
property/casualty insurance carriers validate storm damage claims
quickly, saving time and improving customer service for policyholders.
Xactware, a leading provider of technology to the property insurance,
remodeling, and restoration industries, and Atmospheric and
Environmental Research (AER), a leading provider of weather risk
management solutions, have teamed to introduce AER Benchmark™ for
XactAnalysis®, the most comprehensive address-specific hail
and lightning history database available in the industry. Both Xactware
and AER are members of the Verisk Analytics Family of Companies
"On average, nearly 1.5 million property hail claim estimates and nearly
100,000 property lightning claim estimates were processed in
XactAnalysis each year over the past three years. Our customers told us
how important it is to share natural peril data with their field
professionals," said KC Agrelius, vice president of XactAnalysis at
Xactware. "Now, with AER Benchmark for XactAnalysis, claims managers can
request address-specific hail and lightning reports at the time a new
claim assignment is reported to XactAnalysis so that claims teams can
quickly validate the date and cause of loss of each claim."
"It's been satisfying to work with industry leaders to improve cycle
time and loss adjustment expense for storm-related claims," said Kyle
Beatty, senior vice president of Business Solutions at AER. "We'e
integrated the AER Benchmark database with the XactAnalysis claims
management solution to enable property/casualty carriers using Xactware
solutions to leverage the property-specific weather archive."
Using AER Benchmark for XactAnalysis, claims teams can validate claims
accuracy and recode date or cause of loss by accessing on-demand hail,
wind, and lightning reports from within their XactAnalysis claims
workflows. By understanding precisely the potentially damaging weather
conditions that occurred at each property address, claims managers and
handlers can reduce multiple inspections and also identify potential
vandalism or fraud earlier.
The AER Benchmark database is populated by AER Respond™, which provides
near-real-time high-resolution data analysis derived from weather radar
and other sources to pinpoint locations of damage-producing hail, wind,
rain, hurricane, tornado, and wildfire perils.
Xactware specializes in technologies for the property insurance,
remodeling, restoration, and mortgage and lending industries. Xactware's
tools provide claims estimating, contents replacement, claims
management, and property maintenance solutions for desktop, mobile, and
online platforms. Xactware's services include repair cost research and
reports, aerial imagery, and real-time business intelligence. Xactware
has been providing cloud services for customers since 1995. Xactware is
a member of the Verisk Insurance Solutions group at Verisk Analytics
(Nasdaq:VRSK). For more information about Xactware's products and
services, contact Xactware at 1-800-424-9228 or Xactware.com.
About Atmospheric and Environmental Research
and Environmental Research combines weather data with insurance
expertise and market-leading analytics to provide environmental risk
management services for the insurance, independent claims adjustment,
restoration, and manufacturing industries, helping them decrease
weather-related losses and increase profitability by integrating
state-of-the-art climate science and weather information into their
planning and decision processes. Government agencies such as NOAA, NASA,
and the Departments of Defense and Energy rely on AER's scientists to
help solve weather- and climate-related problems of national importance
in energy, environment, national security, and climate change.
Established in 1977 and headquartered in Lexington, Massachusetts, AER
is a member of the Verisk Analytics (Nasdaq:VRSK) Family of Companies. www.aer.com.
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