Reference to additionally integrated services
This topic contains references to additional services, recently integrated to Verisk Catalog Viewer.
ALERT services
Verisk’s ALERT™ (Air Loss Estimates in Real Time™) service provides estimates of insured losses from extreme events in real-time. Verisk’s real-time loss estimates help insurers manage reserves and determine if reinsurance is adequate. It also helps insurers decide how and where to effectively deploy claims resources and even understand where to suspend or continue writing business.
ALERT Process
Verisk monitors natural catastrophes worldwide. When a significant event occurs that involves peril modeled by Verisk, we examine the reported parameters of the event and the affected insured property and use that information to determine an event’s potential significance to the insurance industry.
Tropical Cyclone-specific ALERT Process
Verisk collects information on the parameters of tropical cyclones from various reporting agencies around the world. When the tropical cyclone makes landfall, Verisk uses the information to identify up to five similar stochastic events from the 10,000-year standard catalog. Once selected, Verisk determines the industry insured loss for each SSE, industry exposure database, and take-up rates.
For more on Verisk’s ALERT™ service, refer to https://alert.air-worldwide.com ALERT link.
Respond™ services
Respond™ predictive analytics provide insights from real-time weather data feeds to improve your weather risk assessment, severe weather event preparation, loss prevention, and disaster response and recovery.
With Respond, you can quickly assess storm severity and determine if a weather event requires a catastrophe response and predict the number of claims based out of that event. You can also determine the accurate date of loss and confirm if that loss was part of a catastrophe event.
Respond also lets you visualize the effect of each peril on your local policies. When a storm occurs, the near real-time weather analytics augments the data based on radar, computer models, satellite imagery, and Verisk industry-wide claims and is then integrated into your workflow.
You can also estimate potential impacts to your policies-in-force up to five days before landfall. With updates on active tropical events every six hours, Respond keeps you informed of subtle changes to the storm’s track or footprint.
For more on Respond™ predictive analytics services, refer to https://www.verisk.com/insurance/products/respond Respond link.