(Image source: Betterview.)
Betterview (San Francisco), an InsurTech provider of actionable property intelligence to property/casualty insurers, and core insurance system/platform provider Guidewire (San Mateo, Calif.), have announced the launch of Betterview’s new Hail Risk Insights, created in collaboration with Guidewire. A Betterview statement says that Hail Risk Insights, including a comprehensive Hail Risk Indicator (powered by Guidewire HazardHub hail risk data and Betterview’s AI imagery analysis), will soon be available on the Betterview Property Intelligence & Risk Management Platform, allowing users to predict and prevent losses, reduce premium leakage, and build a better customer experience.
Jason Janofsky, CTO, Betterview.
Hail Risk Insights is the latest launch within Betterview’s suite of peril risk insights, including Wildfire Risk Insights and Hurricane Risk Insights, which the vendor describes as built to help insurers respond rapidly and proactively to catastrophic events.
Owing to the partnership between Betterview and Guidewire, the Hail Risk Indicator reflects both regional hazard and property-level vulnerability. “This synthesis of vulnerability and hazard results in a single, reliable indicator of overall hail risk which insurers can use to predict future roof damage,” the Betterview statement says.
Roger Arnemann, General Manager, Analytics, Guidewire Software.
“I was very excited when Guidewire approached us with the idea of a Hail Risk Indicator,” comments Jason Janofsky, CTO, Betterview. “We already had the ability to create a vulnerability score for hail damage, which tells you how much a property will be damaged if a hail event occurs. With Guidewire’s regional hazard data, we are also able to determine the likelihood a hail event will occur in a given geographical area. Together, we have created a better picture of real hail risk, which we believe will be invaluable to insurers looking to anticipate losses and price risk appropriately.”
“This takes much of the guesswork out of hail for insurers, allowing them to confidently price risk in hail-prone regions. Not only does this help them avoid premium leakage, but it adds a significant value for the insured as well,” comments Roger Arnemann, SVP and general manager, Analytics, Guidewire. “If you can tell your policyholder ‘fix this section of your roof and you will be more protected against hail damage,’ then that is far more painless than paying out a large claim in the future. Better communication with the insured and an improved loss ratio are two reasons why we expect Hail Risk Insights to be very popular.”