The first-of-its-kind solution allows insurers to map their books of business against tornadic events with unprecedented speed and precision, giving policyholders a faster claims process.
CoreLogic® (NYSE: CLGX), a leading global property analytics solutions provider, today announced its launch of Tornado Path Maps, the only solution available on the market that delivers precise damage exposure data from a tornadic event within minutes – an analysis that can take up to two days to complete using other methods. Insurers benefit from the ability to anticipate claims volume and adjuster deployment for streamlined claims processing, allowing policyholders to get the support they need faster than ever before.
Unique to CoreLogic, Tornado Path Maps offers a data layer updated every 15 minutes following a tornado, displaying area probabilities (from 10 percent up to 90 percent) of tornadic damage. In addition to allowing insurance carriers to quickly calculate claims needs, this parcel-level exposure analysis means emergency responders, utility companies, transportation departments and others will be able to quickly determine resource allocation and deployment to begin offering on-the-ground support to the people and properties affected.
“Until now, understanding exposure from tornadoes has been a daunting challenge for most insurers, as typical ground-based observations and reporting are hampered due to infrastructure damage when a tornado moves through an area,” said Curtis McDonald, senior professional product management and meteorologist for CoreLogic Weather Verification Services. “These challenges can create frustrating policyholder experiences. Our goal with Tornado Path Map is to enable insurers to efficiently and accurately identify customers under duress immediately following tornadic storms, meaning they’re able to assist with communications and swift response to help their policyholders in need.”
Tornado Path Maps is based on the proprietary CoreLogic Tornado Verification Model, which combines a novel comprehensive approach to using all available radar data, as well as public and social media reports, backed by the expertise of experienced meteorologists. The end result is the Tornado Verification Model that consistently provides 250-meter resolution with neighborhood-level detail across most of the United States. Tornado Path Maps is part of the CoreLogic Severe Convective Storm suite of solutions, which also offers forensics on hail, wind and lightning. As insurers increasingly seek holistic, single-vendor weather peril solutions that interface seamlessly with their workflow processes, the ability to access all severe weather forensics in the CoreLogic Severe Convective Storm suite of solutions has become paramount for seeing a comprehensive view of risk and response.
For more information, please visit the CoreLogic Tornado Path Maps page.
CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables realtors, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit stage.corelogic.com.
CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.