Verisk Introduces Benchmark Reports via Guidewire to Streamline Weather-Related Claims

Verisk Benchmark^® Reports are now accessible through Guidewire, offering insurers precise weather verification data early in the claims lifecycle. This data aids in claim routing, segmentation, and investigation. Additionally, these reports provide valuable insights into historical events at specific locations, delivering a comprehensive history of events at each site.

The addition of products such as Benchmark Reports to the Guidewire Marketplace is part of Verisk's open ecosystem strategy, enabling interoperability within the insurance industry.

"With more severe weather events impacting a growing population across the U.S., we continue to see increases in the number and complexity of claims associated with these events," said Tory Farney, vice president of weather solutions at Verisk. "By bringing trusted Benchmark Reports to Guidewire, insurers can significantly improve the efficiency of claims processing and handling to provide customers with a streamlined experience​​."

How Verisk's Benchmark Reports work

Insurers and adjusters can validate claims by using location-specific data on what kind of weather events happened and what the timeframe was for each weather event. In addition to recent events, the Benchmark tool provides insights into historical events for most locations in the U​.​S​.​ and Canada. This report also provides insights on historical damage that occurred prior to the current policy being initiated. Guidewire users can now request and receive Benchmark weather history reports and alerts for hail, wind and lightning claims at the beginning of the claim lifecycle, facilitating faster, more accurate claims processing. Additionally, insurers can leverage detailed, location-specific data to better assess risks and ensure that claims are handled fairly and efficiently.

Verisk has built more than 40 integrations for the Guidewire Marketplace. Current integrations can be found in ClaimCenter and PolicyCenter. Learn more about the Verisk suite of products that are available in Guidewire Marketplace.