Delivering Efficiency and Customer Satisfaction to Claims and Underwriting with Dynamic Weather
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Weather data is available everywhere, but in many cases, insurers still rely on manual intervention and visual review to assess its effect on claims and locations. How can carriers take advantage of more accurate and timely weather data while reducing the reliance on inefficient manual claims processes? For those situations where a manual, visual review is necessary, visualization of Dynamic Weather data must be simple, intuitive, and deliver insight and context typically not available from reviewing the data itself. Done correctly, visualization will accelerate data democratization and analytics so that more accurate, data-driven insights are available to all users throughout an organization. Watch this webinar on-demand to: • See examples of Dynamic Weather data being combined and visualized, along with aerial imagery and spatial data assets, enhancing existing claims and underwriting processes • Hear about ways to manage claim adjuster workload and improve claim assignment efficiency • Manage drivetimes and prioritize claim resource allocations in real-time
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Delivering Efficiency and Customer Satisfaction to Claims and Underwriting with Dynamic Weather
- 1. Delivering Efficiency and Customer Satisfaction to Claims and Underwriting with Dynamic Weather
- 2. Precisely has launched an amazing historical, real-time, and forecast weather solution for our Property and Casualty and Reinsurance clients. Precisely Dynamic Weather provides high-precision location and weather events leveraging industry-leading Baron Weather. These events are updated every 5 minutes!
- 3. Focus: Delivering Efficiency and Policyholder Satisfaction – Impact of Weather on Lifecycle
- 4. Dynamic Weather Examples • Binding Suspension: Identify what policies in force will/may be affected by a severe weather event and avoid untimely policy changes. • First Notice of Loss: Expedite the FNOL process; we “know” you were affected by the event; how can we help? • Claims Resource Positioning: Determine what policies will be impacted by a forecasted event and have adjusters available for those that will be affected the most. • Risk Forecasting: Reduce on-site field claims deployment – highly detailed post weather event data enables claims team to remotely settle more claims with increased accuracy. • Fraud Determination: Was the policy impacted by the event? Was the magnitude of the event great enough to cause damage? Did the damage occur before the policy was written? • Pricing/Underwriting: Review recent past weather data within various territories for pricing new states or properly pricing books in existing states relative to weather perils.
- 5. Dynamic Weather Conditions • Local Storm Reports • Storm Tracks • ENTLN Lightning • Lightning Heatmap • Fire and Smoke • Storm Prediction Center Outlooks • High Wind Path • Critical Weather Indicators • Hail Path • 24 hr Rainfall Accum. • Current Threats • Current Weather • Future Scan • Convective Available Potential Energy • Storm Relative Helicity • Baron Button • North American Radar • High-Res Wind Speed • Temperature • Snow Accum. • Wind Speed • Precipitation Forecast • Precipitation Accum. • Max Reflectivity • Sleet Accum. • Freezing Rain Accum. • Hail Forecast • Lightning Forecast Tropical • Official Tropical Track Forecast • Hurricane Hunter • Tropical Track Model • Track History Weather • NWS Watches & Weather • Temperature • Wind Speed • 24 hr Temp Change • Current Wet Bulb Temp Winter Weather • Official Tropical Track Forecast • Hurricane Hunter • Tropical Track Model • Track History Observations • Earthquakes • Air Quality Index • Air Quality Ozone Index • Air Quality Particulate • Air Quality Visual Range Single Site Radar • Rainfall Accum. • Level ll Max Reflectively • Level ll – 24 hr Total Precipitation • Level lll – 24 hr Precipitation Accum. Composite • CONUS Hail Swath Mosaic • CONUS Shear Swath Mosaic • CONUS Mosaic Shear Rate • Surface Temperatures • Surface Wind Speeds • METARS • Storm Vectors • Shear Markers Current Weather Storm Reports • Fog (Visibility) • Surface Wind Chill • Surface Heat Index • 24 hr Surface Temperature Change • High – Res Max Reflectivity Composite • Road Condition • High – Res Current Wind Speeds • Nationwide Snow Accum.
- 6. Best in Industry Weather Data, in Partnership with Baron • Dual – Polarization Radar: • Receives pulses in both a Horizontal and Vertical orientation to provide better estimates of size, shape, and severity of weather conditions. • Frequency of Data Collection: • Tracking/Collecting weather conditions in 5-minute intervals • Additional Differentiators: High-resolution radar data Proprietary products for wind, flooding, hail and tornadoes Exclusive products tracking the path of hail and damaging winds Pulse Doppler Radar national infrastructure Meteorological expertise as a result of infrastructure build out and IP ownership in the weather space
- 7. Why the Precisely approach matters… Real-time alerting of impending event Identifying when the event began and what locations are being impacted Archive weather conditions for impact analysis End to End Tracking of an Event Tracking Event Collecting Event Data Were these addresses impacted? or What addresses were impacted?
- 8. Customizable Delivery via API…Forecast, Real – Time, and Historical • Events of interest • Weather thresholds • Geography • Time • Magnitude Define • Policies in force • Prospective policies • Claim locations • Rating territories Identify Deliver Interactive Weather Live Weather Alerting Forecasted Impacts
- 9. Point of Quote / Underwriting Precisely strengths • Binding Suspension • Historical Risk • Wildfire burn parameters and smoke/wind parameter visualization and reporting – enable efficient CAT management decisions. • Underwriting Pricing exception review and visualization for Risk Concentration and Risk Proximity 9
- 10. Insurance underwriting process The insurance underwriting process relies heavily on statistical analysis to determine risk. • Personal finances • Credit Score • Location • Driving history • Health • Home construction materials • Vehicle type • Crime data • Weather data
- 11. California has 4MM acres fires burning (size of MA). In 2020, 9,200 structures burned. -CalFire
- 12. Underwriting Binding Suspension • Fire alerts, which pertain to environmental influences conducive for fires to start • Identify when and where fire incidents are taking place • Perimeters, smoke, and fire, are accessible as well – perimeters are built out once an incident is being addressed by a fire agency, therefore you can have incidents without perimeters • Fire incident locations as well as current fire and smoke perimeters and metadata associated with the event that can be fetched and displayed in Spectrum Spatial Risk Analyzer
- 13. Underwriting Use Case - Wildfire
- 14. Actuary – Pricing / Rating Precisely strengths • Hail & Wind – Geohash • Risk Forecasting • Data Science Enablement • Access to Historical Weather Archive 14
- 15. The is a unique and persistent 12-digit identifier for all addressable locations throughout the US
- 16. Streamlined Enrichment Address: 8810 Crestview Dr Frisco, TX 75033 Geocode PreciselyID: P0000M3HMX6H Building ID: B000CTQOW7U8 Parcel ID: 127500661 Flood Zone: Moderate Risk – 309 ft to High Risk 309 ft
- 17. Operationalizing High-Resolution Real-Time Weather Data… ½ Mile Geohash Grids/Multi- Resolution Raster Client Defined Threshold, Ex - Wind Speed Grid (MPH) Weather Data Integration with PreciselyID Wind = 93 MPH PreciselyID Address City State ZIP Geohash5 Assessed Value Year Built Wind Speed P0000M3P4INB 217 Royal Palm Way Holy Ridge NC 28445 dq0uj 350,640 2006 73 mph P0000M3P4IOE 209 Royal Palm Way Holy Ridge NC 28445 dq0uj 215,370 2011 73 mph P0000M3POR9L 10 Calcos Ct Holy Ridge NC 28445 dq0uj 352,350 2006 85 mph
- 18. We make Weather Data Actionable through the PreciselyID… Address: 8810 Crestview Dr Frisco, TX 75033 Geocode PreciselyID: P0000M3HMX6H Geohash ID: 9vghth Weather Condition: • 100% Probability of Hail Size greater than 3in 9vghsv 9vghsu 9vghsg 9vghtj 9vghtm 9vghth 9vghtk 9vght5 9vght7
- 19. Hail event impacting Tilden, Texas… Tilden, TX
- 20. But Tilden was not the only location impacted by the event…. Hail Size: • <1 in • 1 – 2 in • >2 in • Event Duration: 4+ hours • Hail size ranged from .5 in to >3 in in diameter • were impacted • properties
- 21. Hail larger than 1” diameter can cause damage to a home…. Hail Size: • >1 in • 17 ZIP Codes were impacted • 79,886 total properties were impacted by Hail larger > = 1” • $8.6 billion in total Market Value was affected by the event (Avg. $107,686/home) Policy Holder Coverage A Premium PreciselyID Address Number City State ZIP Accuracy Latitude Longitude Property Type Hail Size John Martin $28,007 $1,124 P0000M3P4INB 403 Martin St Tilden TX 78072 P05 28.456571 -98.550166 R >= 3 in hail Carole Burnett $114,362 $1,853 P0000M3P4IOE 401 Congress St Tilden TX 78072 P02 28.460933 -98.546925 R >= 3 in hail Thomas Holden $2,192,799 $7,642 P0000M3POR9L 1600 S Highway 16 Tilden TX 78072 P05 28.452684 -98.552274 R >= 3 in hail Elizabeth Coady $60,232 $1,567 P0000M3WFSYU 123 Roark Rd Tilden TX 78072 P02 28.563862 -98.515815 B >= 3 in hail Jason Ford $124,805 $1,989 P0000M3P4INT 400 Lowe St Tilden TX 78072 P02 28.457731 -98.549443 R >= 3 in hail Real – Time Localized Impact Reports:
- 23. Claims and CAT Risk Precisely strengths • Weather Event Notification • Fraud Determination • Real-Time Weather Forecast notifications • Integrate with leading imagery providers for blue sky and grey sky images of initial claims loss assessment • First Notice of Loss • Claims/CAT team Resource Positioning – CAT Management • Drive time/drive distance determination – Dispatch • Wildfire burn parameters and smoke/wind parameter visualization and reporting – enable efficient CAT management decisions. – CAT Management • Location Specific Weather Reports - hail, wind, lightning, and temperature – Field Adjuster • Executive Dashboard Visualization and reporting 23
- 24. 2019 was the 5th consecutive year in which 10+ billion-dollar weather and climate disaster events affected the United States
- 25. Claims Efficiency and Customer Satisfaction Pre/Post CAT Planning Claims Adjustor Dispatch SLT Field Claims Adjustor Claims Operations Management Policy Holder
- 26. Claims Use Case Hurricane Event
- 28. Understanding the dynamics of Weather Alerting… • For major weather events, alerts are sent out every hour to those regions that may be affected by the event • Alerts are generalized at the county level • Multiple alerts for the same event are sent out with new ID’s which can cause confusion around new events vs. continuing events Tropical Storms & Hurricanes in 2020: • 26 Tropical & Subtropical events • 25 Named Storms • 9 Hurricanes • 3 Major Hurricanes 168 Alert Minimum 4,468 Alerts Wildfires in 2020 as of 9/24/2020: • 1,283 Active Wildfire Perimeters • 4 million acres burned in CA 48 Alert Minimum 61,584 Alerts
- 29. Questions
- 31. Appendix
- 32. Dynamic Weather Planned Major Development Milestones for 2021 Address level event reports service. Hail, Wind, Lightning, temperature, Hurricane reports service in the initial rollout Dynamic Weather Reports Service (Q2) Start to end historic and current Hurricane impact data, alerts and forecast, Zip code level Hurricane reports, severe weather Meteorologist led webinar service Dynamic Weather Hurricane Service (Q2) Hail, Hurricane, Tornado, Damaging Wind, Rainfall, Lightning, Temperature Maps and daily data for analysis. Event impact boundaries (spatial and temporal) Dynamic Weather Daily Event Service (Q2/3) Wind, Smoke, fire, perimeter boundaries. Forecast impacted and actual impacted address data. Historic Wildfire data Dynamic Weather Wildfire Service (Q2/3) 32 This is intended for informational purposes only and may not be used to form the basis for any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The specific features, functionality and release timing of any new products or new versions of current products remain at the sole discretion of Precisely. This presentation contains Precisely confidential statements. Final implementation and delivery dates are subject to change without prior notice
- 33. The Precisely Approach Real – time & Forecast alerting of impending event Identifying when the event will begin and what locations will be impacted Archive weather conditions for impact analysis End to End Tracking of an Event Tracking Event Collecting Live Event Data Were these addresses impacted? or What addresses were impacted?
- 34. •Binding Suspension - UW •First Notice of Loss - Claims •Claims/CAT team Resource Positioning - Claims •Risk Forecasting - UW/Actuary •Fraud Determination - Claims •Real-Time Weather Forecast notifications - Claims •Integrate with leading imagery providers for blue sky and grey sky images of initial claims loss assessment. •Drive time/drive distance determination •Wildfire burn parameters and smoke/wind parameter visualization and reporting – enable efficient CAT management decisions. •Underwriting/Pricing exception review and visualization for Risk Concentration and Risk Proximity •Location Specific Weather Reports - hail, wind, lightning, and temperature •Executive Dashboard Visualization and reporting • Personas • Divisions – UW, Actuary, Claims • Forecast, Near Real – Time, Historical
- 35. •Location Specific Weather Reports - hail, wind, lightning, and temperature •Executive Dashboard Visualization and reporting • Personas • Divisions – UW, Actuary, Claims • Forecast, Near Real – Time, Historical
- 36. • Merger of Syncsort & Pitney Bowes Software and Data • 12,000+ Customers Globally • 25 of top 25 P&C Insurers • 90 top Fortune 100 Companies • 100 years of experience data integrity market
- 37. Hyperlocal Weather for Yesterday, Today and Tomorrow 37 Historic Weather • How badly has a property been affected by weather events in the past? • Fraud detection – did the damage happen due to a past weather event? • Assess your entire portfolio & prospective new customers against historic weather events to better risk assess them • Create more accurate rating territories based on historic weather in zipcode or geohash areas Near-Live Weather • We know you’ve just been hit by a weather event, how can we help you? • Save costs, use the hyperlocal weather data to quickly validate claims remotely • Notify your organisation daily of any upcoming weather events • Attend meteorologist hosted extreme weather webinars to get the detail on a major event Forecast Weather • Put your car away in your garage, there’s a hail storm headed your way • Get your claims adjusters in the right place at the right time • Based on the forecast, how exposed is my book of business during the upcoming storm?
- 38. Master Location Data with PreciselyID WHAT IS IT: Best-in-class Address Point geocoding dataset that is built, owned and maintained by Precisely WHY IS IT SO ACCURATE: HIGH MATCH RATE + BEST IN CLASS POSITIONAL ACCURACY Build Data Merge De-dup Standardize Assign PreciselyID Link to our data Build linkable data Pre-score the country Discover additional addresses Manage data synchronization Data Transfer 207m Addresses 50m Secondary Addresses 193m Addressable Locations (PreciselyID) Support for POI’s in Address Matching 55% Building Centroids (or better) 38% Parcel Centroids 3% Interpolated Locations 4% Backfill Centroids
- 39. We make Weather Data Actionable through the PreciselyID… Address: 8810 Crestview Dr Frisco, TX 75033 Geocode pbKey: P0000M3HMX6H GeoHash ID: 9vghth Weather Condition: • 100% Probability of Hail Size >=3in 9vghth Precisely identified over 150 properties that were impacted by the event within the geohash.
Editor's Notes
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- Traditionally, businesses have viewed accuracy and consistency as the foundation of data integrity. But there is still a lot of work remaining in these areas. For example, virtually every organization lives with a mix of modern and legacy data and increasing data volumes. One of your biggest challenges to achieving data integrity is integrating that siloed data. Manually creating data pipelines that enable data integrity is costly in terms of time and the expertise required to integrate complex data formats. To act effectively, you need a solution that understands a variety of data sources, even the most complex mainframe and IBM i data, out of the box, and can help you connect them to next-gen cloud data platforms. Whether you’re working with data from business applications or log data, the suite’s data integration capabilities enable you to create data pipelines that are flexible, highly performant, and repeatable. With your choice of integration methods, from batch to ETL to real-time change data capture, you can break down data silos and deliver fresh data to decision-making systems, IT operations and analytics platforms, and more.
- The insurance underwriting process relies heavily on statistical analysis to determine the risk of individuals who want to sign up for a policy with an insurance provider. Some of the main factors that underwriters use to determine risk in an insurance policy are: Not all of these factors play a role in every kind of insurance—and different insurance policies pay more attention to some factors than others. Let’s look at which factors matter the most in each kind of insurance. Determines acceptable risk in a policy
- Rob speaking notes: USE CASE: Binding suspension/binding moratorium. When a client gets notification of a fire, they need to see where the fire perimeter is in relation to their policyholders within 3 miles. In order to manage the program, and create notifications for moratoriums due to active fires, clients need to be able to see PIF beyond the 3-mile perimeter. See all the ‘dots’ representing PIF in relation to the fire perimeter and download a spreadsheet of addresses. The attached shows 2 current fires in CA. the fire to the north is Wallbridge, near Healdsburg CA and the one to the south is Carmel, near Carmel Valley. Use these perimeters to capture all our PIF around the perimeters This is pretty basic capability – assuming you are already using Precisely for location determination. Dave is going to show you our ability to visualize: Fire perimeter Buffers of any size needed, like 1, 3, 5 miles – some clients go up to 10 miles PIF Weather – Baron – smoke layers, ash layers
- DM Binding Suspension Riverside Fire Perimeter Buffer around Perimeter Policies that fall within buffer Buffer intersections with ZIPS Layer in Historical Wildfire Expansion of Fire Perimeter toward more susceptible areas Impacts of Wind Direction
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- DM Cone of uncertainty – Projected vs. Actual – Pre – CAT & Post – CAT Over generalized – identified locations that were impacted by certain wind speeds Pre – CAT & Post – CAT Maintaining current unassigned and assigned Claims & Field adjuster territories - Claims – Management Layer in radar imagery – Delta - Pre – CAT & Post – CAT Zoom into Lake Charles – concentration of heavy impact in - Dispatch Aggregated impact by wind speed – add layer - Dispatch Adjuster positioning – home location vs. post – CAT location – facilitating claims inspection - Dispatch Drive – time isochrone - Dispatch Drive – time component - Dispatch Query based on location – Dynamic Weather component – Supervisor & Field Adjuster GIC Aerial Imagery – Pre – CAT & Post – CAT & SLT Generate report – Supervisor & Field Adjuster Generate pdf for dashboard look - SLT
- Alerting – Customer Sat Completes lifecycle
- Product: Master Location Data
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