SOURCE: Melissa

Melissa

October 03, 2017 08:00 ET

Melissa Shares Storm Surge Data Analysis for 2016 Hurricane Matthew

Highest Risk Areas had Highest Number of Claims, Underscoring the Need for Accurate Risk Scoring Tools for Underwriting and Exposure Management

RANCHO SANTA MARGARITA, CA --(Marketwired - October 03, 2017) - Melissa, a leading provider of global contact data quality and identity verification solutions, today shared a storm surge data analysis used to accurately classify and predict risk based on real-time data. The analysis offers actuarial proof, demonstrating the role of real-time natural hazard data in preparing risk assessments, including low-level resolution down to 100 feet. This analysis not only accurately classified store surge claims for Hurricane Matthew's impact on Florida in 2016, it was the single most powerful variable available to the carrier for predicting the risk from storm surge, enabling unprecedented insight for insurers and municipalities.

While the cost of property damage from hurricanes Harvey and Irma will not be known for some time (although early estimates peg damages in the tens of billions), natural hazard data can help communities, insurers, and individuals become better prepared for the risk from storm surge. While storm surge models have improved dramatically as topographical maps and satellite imagery have improved, the addition of real-time data is key. Better information arms insurers, underwriters, financial services providers, communities, and individuals with the ability to mitigate risk in good weather, working to minimize storm surge damages.

"The question is 'how risky is your risk?' This data analysis demonstrates accurate risk scoring, with the highest risk areas resulting in the highest number of claims. It may all be very sensible in terms of hindsight; however, for a large number of insurers, either cost or technology or both keeps them from making use of some of the most effective data for pricing a policy, validating claims, and knowing true exposure," said Bud Walker, vice president, enterprise sales and strategy, Melissa. "Hazard data scores are ideally based on real-time information from sources such as FEMA and NOAA, and include risk of flooding, wildfire, lightning strikes, straight-line winds, hurricanes, tornadoes, earthquakes, and more. By tapping into this data in real-time, insurers, as well as policyholders, achieve the clearest understanding of risks related to their properties."

Melissa and its partner HazardHub, a leading provider of geographic risk datasets for U.S. properties, offer location intelligence toolsets that associate real-time natural hazard data such as wind, fire, water, or earthquake risk with specific properties to enable detailed risk awareness and location intelligence. Coupled with Melissa's extensive property and mortgage data enhancements, users have an end-to-end property intelligence solution that uniquely provides enriched property data supported by precise risk scores. Based on multisourced datasets, users have real-time access to as many as 165 different metrics on individual residential or commercial properties. Click here for more background on Melissa's location intelligence tools or to access a free trial. To connect with members of Melissa's global intelligence team or to learn how to mitigate risk hazards through improved property intelligence, visit www.melissa.com or call 1-800-MELISSA.

About Melissa
Since 1985, Melissa has specialized in global intelligence solutions to help organizations unlock accurate data for a more compelling customer view. More than 10,000 clients worldwide in arenas such as retail, education, healthcare, insurance, finance, and government, rely on Melissa for full spectrum data quality and ID verification software, including data matching, validation, and enhancement services to gain critical insight and drive meaningful customer relationships. For more information or free product trials, visit www.Melissa.com or call 1-800-MELISSA (635-4772).

About HazardHub
Air. Fire. Water. Earth. HazardHub is the only third-generation provider of property-level hazard risk databases spanning the most dangerous perils in the continental United States. HazardHub translates huge amounts of geospatial digital data into easy-to-understand answers, providing easy-to-comprehend risk scorecards that are used to make real-world decisions. Our team of scientists provide comprehensive, and innovative, national coverage for risks that destroy and damage property.

Image address: http://www.melissa.com/images17/surge-max-matthew.jpg

Caption: "The data analysis demonstrates Hurricane Matthew's impact on high-risk properties in the State of Florida. Based upon actual data, accessible early in risk assessment services such as insurance and underwriting, the analysis demonstrates accuracy in risk scoring."

Image Available: http://www.marketwire.com/library/MwGo/2017/10/3/11G146139/Images/Melissa_Storm_Surge_Hurricane_Matthew-1b1eb3f37cebaac384a78b5f92041f13.jpg

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