Betterview, the insurtech company leading P&C insurers rely on to identify and manage real property risk, and Guidewire (NYSE: GWRE), the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced the launch of Betterview’s new Hail Risk Insights, created in collaboration with Guidewire. Hail Risk Insights, including a comprehensive Hail Risk Indicator (powered by Guidewire HazardHub hail risk data), will be available on the Betterview Property Intelligence & Risk Management Platform, allowing users to predict and prevent losses, reduce premium leakage, and build a better customer experience.
Hail Risk Insights joins Betterview’s suite of peril risk insights, built to help insurers respond rapidly and proactively to catastrophic events. Thanks to the partnership between Betterview and Guidewire, the Hail Risk Indicator reflects both regional hazard and property-level vulnerability. This synthesis of vulnerability and hazard results in a single, reliable indicator of overall hail risk which insurers can use to predict future roof damage.
“I was very excited when Guidewire approached us with the idea of a Hail Risk Indicator,” says Jason Janofsky, chief technology officer at Betterview. “We already had the ability to create a vulnerability score for hail damage, which tells you how much a property will be damaged if a hail event occurs. With Guidewire’s regional hazard data, we are also able to determine the likelihood a hail event will occur in a given geographical area. Together, we have created a better picture of real hail risk, which we believe will be invaluable to insurers looking to anticipate losses and price risk appropriately.”
“This takes much of the guesswork out of hail for insurers, allowing them to confidently price risk in hail-prone regions. Not only does this help them avoid premium leakage, but it adds a significant value for the insured as well,” said Roger Arnemann, senior vice president and general manager, Analytics at Guidewire. “If you can tell your policyholder ‘fix this section of your roof and you will be more protected against hail damage,’ then that is far more painless than paying out a large claim in the future. Better communication with the insured and an improved loss ratio are two reasons why we expect Hail Risk Insights to be very popular.”
Hail Risk Insights by Guidewire and Betterview is soon available to all Betterview platform users. Reach out today to learn how Betterview can help you predict and prevent losses, including hail damage!
About Betterview: Betterview is the Property Intelligence & Risk Management Platform that leading P&C insurance companies depend on to identify and mitigate risk, improve operational and inspection efficiency, and build a more transparent customer experience throughout the policy lifecycle. By empowering insurers to automate pricing, underwriting, and renewal while focusing strategic action on critical properties, Betterview is transforming the insurance industry from Repair and Replace to Predict and Prevent. For more information, please visit www.betterview.com.