Incoming emails alerting carriers to weather claims on their policies are now automatically generated by BMS Group’s iVision catastrophe risk management system, the intermediary announced earlier this week.
iVision Storm Reporter provides insurance companies with an email when severe weather has occurred, alerting the carriers as to the number of policies impacted by severe weather.
It provides companies with the location and number of policies subject to the severest part of the storm, such as large hail or extreme rainfall.
Companies can then use this information to form an event response plan, calling on internal and external claims adjusters while mobilizing resources to the hardest hit areas of the storm.
According to BMS, iVision, part of a suite of analytical tools and services offered by BMS, is an easy-to-use catastrophe risk management system that is accessed via the internet. Built on the latest GIS technologies, it helps today’s insurance companies reduce cost and increase efficiency when managing their catastrophic risk.
Storm Reporter utilizes data from Verisk Climate’s Respond weather data.
Earlier this year BMS announced its new Weather Analytics module in iVision. iVision’s features include weather analytics for claims response, BMS’ proprietary ScenarioView for stress-test analysis and RiskReveal location modeling for underwriting, utilizing catastrophe models from AIR Worldwide and Risk Management Solutions. These features allow carriers to reduce claims handling expense, manage large loss exposures and ensure premium adequacy before a policy is bound.