Every year, hail causes hundreds of millions of dollars in damage to properties across the U.S.
As climate change continues to influence weather patterns and hailstorm activity, it is crucial for insurers to have access to accurate information on properties under their coverage. Two of the most important pieces of information are:
- Date of loss
- Severity of event validation
That’s why we at CoreLogic have been evolving the science behind our hail verification technology.
As the industry continues to change and evolve alongside the acceleration of natural disasters, we want to provide a solution that enables carriers to focus on accurately validating coverage and policy benefits that are available to their policyholders.
To that end, CoreLogic is releasing Hail Verification Technology (HVT) 3.0, the latest version of our advanced tool for hail detection and verification.
Here are 3 ways HVT 3.0 will deliver even greater accuracy and confidence for insurers:
Discover HVT 3.0
1. Significantly Enhanced Accuracy
CoreLogic has completely transformed the underlying information driving the hail verification model. While still based on the latest meteorological science, HVT 3.0 incorporates significantly more data than its preceding generation.
By applying the latest science to all available weather radar variables, the model can better distinguish ambiguous areas and more effectively separate rain from hail. It also allows for more accurate detection of both small and large hail, which provides a clearer picture of potential severity and complexity of loss to improve date of loss validation.
2. Ground Truth Validation and Around-the-Clock, Meteorologist-Supported Review
CoreLogic’s forensic weather team uses a robust ground truth validation process. This comprehensive approach ensures that the HVT 3.0 model accurately reflects the hail sizes reported on the ground.
Plus, with a forensic meteorology team that operates around the clock, clients can access real-time updates and receive support. The forensic team is comprised of numerous experts with PhDs and decades of experience, and this team provides the expertise necessary to ensure the soundness of the model’s underlying science and the highest level of accuracy.
3. Unmatched Spatiotemporal Resolution
The new HVT 3.0 boasts the highest spatiotemporal resolution data available, incorporating an overall enhancement of at least 8x in resolution compared to previous versions. Such high-resolution data allows for more precision in detecting hail events and enables insurers to provide a timely response to weather events.
Setting the Industry Standard in Hail Detection and Verification
The introduction of HVT 3.0 marks a significant leap forward in hail detection and verification. With its extensive science-driven development, rigorous ground truth validation, around-the-clock forensic analysis, and unmatched spatiotemporal resolution, this new update sets the new standard for the industry.
With HVT 3.0, property insurance carriers can continue to rely on the most accurate and timely hail data available, enabling them to better serve their policyholders and manage claims more effectively.
Discover HVT 3.0
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