Representative of a broader trend in data services consolidation, CoreLogic’s recent acquisition of MSB and EQECAT telegraph the emergence of intense underwriting competition based on more granular and complex analysis of individual property risks.
Latest in a series of important insurance-related acquisitions, the addition of Myriad’s capabilities makes CoreLogic a player in the underwriter desktop space.
The app uses the same geocoding technology as the desktop version, while increasing access for insurance professionals to ParcelPoint, the CoreLogic proprietary property parcel database.
The vendor’s new CoreLogic Hazrd Risk Score (HRS) calculates the aggregated risks associated with highest-granularity geospatial data pertaining to nine natural hazards: flood, wildfire, tornado, storm surge, earthquake, straight-line wind, hurricane wind, hail and sinkhole.
The vendor has secured launch clients for the next-generation system that it describes as providing insights for every touchpoint in the property insurance ecosystem.
EQECAT RQE v15.0 Platform Includes New Windstorm, Earthquake and Tsunami Risk Models.
While single-even catastrophes such as hurricanes and wildfires get more attention, industry estimates indicate that wind damage represents as much as 20 to 30 percent of all insurance claims annually.
More granular insight into storm surge exposure could improve loss mitigation, enable more precise underwriting of flood insurance and give insurers an opportunity to upsell customers and avoid negative publicity.
RQE models for wildfire, severe convective storms and inland floods now capture the full risk spectrum and are available via flexible delivery options.
CoreLogic’s news continues the trend of data vendors providing peril-specific scores that underwriters can use for evaluation of individual properties, as well adding powerful new claims capabilities for verifying damage and limiting fraud.