This article is part of a series in partnership with CoreLogic.
In the summer of 2023, Minneapolis experienced a series of hailstorms, each causing over a billion dollars in damage.
But Minneapolis wasn’t the only area affected.
Across the United States, there was a significant increase in hailstorms last year, resulting in major losses, especially in densely populated regions. This surge in hailstorms presented a challenge for insurance companies in determining the exact location and timing of the damage.
Hailstorms can strike multiple times a year in any given area, leading to claims under standard homeowner insurance policies. To efficiently process claims, insurers must accurately identify the date of loss and ensure coverage for properties affected during the policy period.
Statistics from the Coalition Against Insurance Fraud show that about 10% of property-casualty losses involve fraudulent claims. Hail-related fraud is a common occurrence, with property owners and contractors often falsely claiming hail damage before obtaining insurance coverage.
By leveraging forensic data-driven technology for claims verification, insurers can streamline the claims process, prevent fraud, and enhance customer service.
Shifting from Risk Analysis to Forensic Data with CoreLogic
While weather forecasting helps in preparing for upcoming storms, forensic weather data plays a critical role in claims verification. CoreLogic introduces its latest version of Hail Verification Technology (HVT) 3.0 to provide insurers with precise information on hail events.
Introducing CoreLogic® Hail Verification Technology 3.0
CoreLogic’s HVT 3.0 utilizes advanced technology and expert analysis to produce accurate reports on hail events. By distinguishing between different types of hailstones and providing detailed footprints of hail events, insurers can effectively assess loss severity and offer prompt support to policyholders.
The high-resolution data used by HVT 3.0 ensures accuracy in pinpointing the time and location of hail events, enabling insurers to validate claims efficiently.
Elevating Claims Verification with Forensic Data Technology
While weather forecasting has its place, insurers must prioritize forensic data for claims verification. CoreLogic’s HVT technology offers detailed and context-rich analysis for accurate claims processing, setting it apart from other solutions in the market.
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