Leading insurtechs Guidewire and Betterview have partnered up to create Hail Risk Insights. Operating within the emerging risk area of natural catastrophes, the two have built a platform which includes Hail Risk Indicator which will allow users to anticipate and prevent losses, reduce premium leakage and ultimately, soup up their customer experience.
What the key players said
Jason Janofsky, CTO at Betterview, said, “I was very excited when Guidewire approached us with the idea of a Hail Risk Indicator. 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.”
Roger Arnemann, SVP and General Manager, Analytics at Guidewire said, ““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. 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.”