Managing and predicting risk exposure
StormGeo’s predictive modeling approach to insurance risk is driven by our core competence of performing advanced analytics on big data. The resulting solutions are deeply fitted to the insurance industry, allowing our customers to protect people, property and profits.
- Prevent claims – StormGeo’s tailored severe weather alerting for policy holders minimizes damage and reduces claims. This innovative solution correlates the geo-coordinates of Policies-In-Force with polygons of weather risk. Our weather experts then advise optimal alerting thresholds to capture critical weather while minimizing false alarms. The result is an advanced alerting engine, ensuring only those policy holders at risk are pinpointed, forewarned and claims prevented.
- Policy exposure reduction – StormGeo’s worldwide network of 23 offices makes it possible for us to closely monitor weather risk and disseminate warnings earlier than ever before – this advanced knowledge allows insurers to freeze new policy uptake and manage policy amendments. Equally important is insurers’ ability to increase policy revenue during times of high demand due to heightened weather activity. This is now possible with our high-resolution forecasts empowering insurers to sign new policies with the confidence that they lie outside core risk zones.
- Claims management – Verification of weather-related claims can be accomplished efficiently with StormGeo’s ‘ground truth’ solutions. From hail and tornadoes to flooding and high wind, StormGeo continually archives petabytes of weather observations from around the globe allowing insurers to optimize their claims management. Colliding StormGeo’s past weather observations with insurers’ policy data produces individual and accumulated losses.
- Catastrophe operations – Strategic pre-allocation of resource ahead of a severe weather event ensures efficient claims management in the immediate aftermath. Overlaying StormGeo’s GIS weather layers with insurer’s geo-referenced policy data means pre-positioning of claims processing resources is accurate.
- Advanced analytics – StormGeo merges your claims history data with our 15-year high resolution global weather archive to unlock complex claims patterns. Using DeepStorm, our machine learning environment, we systematically uncover how weather elements have driven past claims and then use this to forecast future claims. Risk and exposure can be shown against medium and long range weather forecasts, extending out to 30 days.