Atmospheric and Environmental Research (AER), a member of the Verisk Analytics (Nasdaq:VRSK) Family of Companies, today announced upgrades to its near-real-time
products. The upgraded service provides a 15 percent improvement in the ability to validate hail claims.
“Until now, the fundamental gap in all radar interpretations of hail has been ground truth,” said Nicole Homeier, senior staff scientist at AER. “We’ve confirmed that insurance claims data, when considered carefully to avoid bias, has proven invaluable to validate radar-based hail data. Insurance claims data can also elevate the state-of-the-art of algorithms that predict the occurrence of claims and the resulting repairs.”
“We are thrilled to see continued investment by AER on this important topic for the insurance industry,” said Tim Reinhold, senior vice president of research and chief engineer at IBHS. “Increasing accuracy on where hail has occurred and how severe it was directly relates to IBHS’ work to improve building standards and building component performance in hail-prone regions.”
AER leverages aggregated claims data provided by hundreds of property/casualty insurance carriers to Verisk Analytics.
“Three years ago, carriers approached AER with the request to improve the state of the art for the industry,” said Kyle Beatty, senior vice president of Business Solutions at AER. “It’s been satisfying to work with industry leaders in the insurance, manufacturing, and professional services sectors to transform the way cause‐of‐loss data is used in the insurance claims and restoration process.”
“AER is an extended part of our team, pushing the boundaries of physical and data science approaches to improve the claims experience of our policyholders,” said Renee Beauford, vice president for Claim at Hastings Mutual Insurance Company. “Their commitment to transparency and their investment in long-term transformative solutions for our industry are exactly what we look for in our suppliers.”