If you are interested in this InsuranceNow integration, please contact the Guidewire team via email at insurancenowpartnerconnect@guidewire.com
With an increasing percentage of total property losses caused by the peril of wind, insurers are looking for more detail to use in their rating procedures. Verisk is delivering what you need — enhanced wind rating. Verisk has developed the Enhanced Wind Rating Program, which considers detailed building-specific characteristics, building condition, and a building’s ability to withstand potential wind damage. Verisk’s field- verified data includes the wind-resistant characteristics of individual commercial buildings and the potential for damage caused by wind-borne debris from neighboring properties. The program quantifies each building’s unique exposure to wind damage and its ability to resist damage from that exposure.
Through the program, Verisk we’ll be offering wind-specific information in several of our commercial property underwriting reports. The wind-specific information will help you make informed decisions about the potential damage that wind can cause to your insured buildings and how to mitigate the exposure. In addition, Verisk is making changes to the rating algorithm in the commercial property manual so that ISO’s published loss costs will reflect those building-specific characteristics.
Program Benefits:
The Enhanced Wind Rating Program offers value to underwriting, loss control, and catastrophe management staff.
Integration Benefits:
The Verisk Wind rating for individual commercial buildings functionality is integrated directly within InsuranceNow version 2022.1 (the Elysian release) and above.
