Global validation tool launched for insurers’ weather-related claims
A tool designed to help insurers validate weather-related claims more quickly and efficiently around the world has been launched by European storm and weather risk management services firm EuroTempest.
The Global Weather Validation tool uses data from satellites, land-based and marine weather stations across the globe to assist insurers in the early detection of invalid claims, reducing the need for site visits, while processing valid claims more quickly and cost effectively, said EuroTempest. Up until now, the tool has only been available for the UK market.
According to EuroTempest, the tool delivers clear, precise reports on key weather hazards that can cause damage, such as wind (gust), rainfall accumulation (one-hour and 24-hour), rainfall rate, lightning, floods, and hail. These reports cover any location worldwide and provide detailed information within 700 meters of the policyholder’s location.
“The launch of EuroTempest’s Global Weather Validation tool represents a significant advance in weather-related claim validation, leveraging sophisticated data integration and high-resolution modelling to improve accuracy,” said EuroTempest. “By utilising its methodology across the globe, EuroTempest aims to enhance claim-handling efficiency, reduce costs and improve customer satisfaction in the face of increasingly severe weather events.”
Available in various formats, the tool can be accessed through a web browser or integrated with claims management systems, enabling fast and accurate assessments.
EuroTempest’s commercial director Nick Wood said: “We’re hugely excited to be launching our new Global Weather Validation tool, and to be helping even more insurers around the world better navigate the ever-changing weather risk landscape. As the frequency and severity of extreme weather events continues to increase worldwide, we’re confident that the tool will prove invaluable to our customers, allowing them to handle claims more effectively and efficiently.”
