MeteoGroup presents the first claims forecasting solution
Berlin, 24.02.2016: The weather company MeteoGroup returns to the Claims Management and Assistance Congress 20th-21st April 2016 in Leipzig, Germany. The weather experts will present their product ClaimsForecast, the first claims forecasting solution for the insurance industry on stand 13, level 1. Presenting “Big Data: Weather for Insurers”, MeteoGroup and Gothaer will offer a detailed introduction in to how predictive analytics can help achieve high levels of efficiency and automatisation in the claims management process.
Storm, lightning and hail – meteorological disturbances which each year cause billions of pounds worth of damages, these severe weather events require processing a high number of claims in a short period of time. MeteoGroup, Europe’s largest private weather service, presents ClaimsForecast, the first claims forecasting solution for the insurance industry. Gothaer, one of Germany’s largest insurance groups, is already successfully using the predictive analytics solution. On 21st April representatives from both companies will give a detailed introduction in their “Big Data: Weather for Insurers” presentation, highlighting how claims forecasting can result in automated levels of escalation and processes for insurers.
This new weather solution offers quick and efficient processing of single losses as well as major and accumulation losses. Added value for insurance companies includes quick analysis of entire insured stock and a first assessment of the financial impact immediately after a severe weather event. Optimised claims management supports increased productivity, service quality and minimised costs.
Sebastian Glink, Business Unit Director Insurance, says: “We are using past events to anticipate future claims. We analyse over 200 weather factors and correlate the relationship between weather events and historical damages. Furthermore we include multiple data sources: our own weather station network, radar observations, lightning measurements and sophisticated hail detection and analysis. As a result we deliver a precise and reliable forecast of expected claims.”
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Senior Marketing & Communications Manager
Tel.: +49 (0)30 600 98-182
We are using past events to anticipate future claims. We analyse over 200 weather factors and correlate the relationship between weather events and historical damages