Verisk Expands Wildfire Risk Management Service to Three New States
Staff Writer | May 04, 2015
Verisk Insurance Solutions announces the addition of Montana, Oklahoma, and Wyoming to its FireLine wildfire risk management service. FireLine provides the detailed, up-to-date information insurers need to analyze wildfire risk at the individual address level.
FireLine uses advanced satellite data to assess the effects of the three primary factors that contribute to wildfire risk: fuel, slope, and road access. Fuel represents the vegetation surrounding the property, slope refers to the grade of the land upon which the property is built, and road access identifies potential barriers for firefighters to protect the property. For each address, FireLine provides a score for each primary risk factor and an overall wildfire hazard score.
"Even though it's difficult to predict precisely when and where wildfires will strike, insurers can better manage risk by knowing the relative wildfire risk of properties they insure," says Steve Lekas, vice president of property underwriting products at Verisk Insurance Solutions. "FireLine helps insurers manage wildfire risk at individual risk and aggregate risk levels. And several state departments of insurance have acknowledged use of FireLine scores in segmenting pricing."
According to a FireLine wildfire risk analysis, at least 30 percent of all households in Oklahoma and Wyoming are at moderate to high risk of wildfire losses. In Montana, it's more than 50 percent.
"Working closely with insurers, we recognized the need to bring our leadership in satellite sensing and weather technologies to wildfire risk assessment in these new states," says Arindam Samanta, Ph.D., senior manager of underwriting products and analytics at Verisk Climate.
With the new additions, FireLine is now available for 13 states.
Additionally, FireLine data is used to produce state wildfire risk reports—a summary of the number of households exposed to wildfire risk—for the three new states, as well as for the ten original states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, and Washington. The 2015 reports for all 13 FireLine states are expected to be publicly available later in May.
FireLine is part of the LOCATION suite of property products that provides accurate, essential data on every U.S. property to help insurers assess risk effectively and make sound underwriting decisions.
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Few Surprises in Cybersecurity for Insurers
- Few Surprises in Cybersecurity for Insurers
- ITA Pro Weekly, January 20, 2016
- Verisk Releases Cyber Exposure Data Standard for Insurance
- British Insurer Selects Guidewire Core Systems
- Nationwide Private Client Expands into New States with ISCS Solution
- Majesco, Appulate Announce Strategic Partnership
- Boston Mutual Partners with Onyx Data Solutions
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
Insurance carriers interested in meeting or exceeding their customer’s expectations regarding mobility are looking at a two-pronged approach... READ MORE
Robert Regis Hyle
Everybody has a wish list and it seems that atop the lists for insurance carriers still operating with legacy systems is the desire to do away with... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Strategy Meets Action will hold its annual Summit in Boston on Sept. 14 and the focus for this year is: Becoming the Next-Gen Insurer... READ MORE
Starting last fall when the technology company dropped Mastek from its name and became simply Majesco, its mergers and acquisitions, and hirings have... READ MORE
Digital represents a continuous form of disruption to existing or new business models, products, services or experiences enabled by data and... READ MORE
In spite of all the arm-flapping and hand-waving stirred by the Affordable Care Act (ACA), the way health insurance is purchased, and employee... READ MORE
- Vendor Views