PCS adds weather maps to cat service
Property Claim Services (PCS), a division of Verisk Analytics, has launched a new service featuring weather analysis maps of affected areas as part of the catastrophe designation and loss estimate bulletins for the property/casualty insurance industry.
The PCS enhancements for the US use weather and natural hazard analytics from Verisk Climate, a division of Verisk Analytics. PCS will make similar enhancements available on June 1, 2014, for Canada.
The company said the implementation of Verisk Climate analytics can improve claims department productivity and enables higher levels of customer service.
Joe Louwagie, assistant vice president, PCS, said: “Integrating Verisk Climate peril maps and visuals into the PCS catastrophe bulletins meets a clear need for claims departments across the United States and Canada. The county-level Respond maps in the PCS bulletin can help insurers, reinsurers, and insurance-linked securities (ILS) market participants assess the severity of damage in the affected regions more quickly.”
Kyle Beatty, president, Verisk Climate, said: “The catastrophe declarations issued by PCS serve an important function within insurer claim operations and are widely depended upon by investors and sponsors of insurance-linked securities.
“The Verisk Climate map shows the states and counties affected. This view is consistent with the full Respond service's interactive and more detailed neighbourhood-level analysis that claims departments embed in their operations to evaluate total effect on policies and reduce cycle time in verifying claims."
