BRONXVILLE, N.Y., June 26, 2018 /PRNewswire/ -- Think Geohazards Inc., an insuretech company, has released a new Portfolio Advisory Services product, tailored especially for insurance providers and local, state and federal government agencies to calculate the first floor structural elevation of a building.
Shortly after Hurricane Harvey hit landfall in the United States during late August 2017, Think Geohazards formally launched www.TrueFloodRisk.com, a consumer flood informational website encouraging users to register for a free, one-time search query available for most U.S. and international roadways with property address and building structures visible from the Google Maps-Street View API.
The artificial intelligence (AI) application, called the True Flood Risk Estimator, integrates into a Google Maps Street View API development platform to generate the expected first floor elevation of a property and the corresponding NFIP flood insurance premium rate at its respective height. The algorithm overlays historical flood event data to allow for more precise risk assessment without a physical site visit or elevation certificate (EC) documenting a building's structural elevation. The True Flood Risk model also incorporates flood zone extensions and property characteristics where users can select a number of options such as existence of a basement, number of floors, deductible amounts/contents covered for a more precise estimated quote. Users are encouraged to contact to their insurance agent for more information.
With the success and momentum from its free consumer audience campaign, True Flood Risk now introduces an enhanced enterprise business intelligence solution ideal for private and write-your-own (WYO) flood insurance carriers and government agencies. The Portfolio Advisory Services line is a customized solution for larger volume portfolios where on behalf of its clients, True Flood Risk reviews their existing portfolio and prospective customers to target providing location specific information on homeowner and commercial policy structural elevation data. When applied to a client's current portfolio, True Flood Risk provides a unique value proposition to improve risk-based premium estimations by providing specific structural elevation data, including both first floor elevations and differences to base floor elevation (BFE). The Portfolio Advisory Service report includes a range of customized deliverables including assessment reports and recommendations for cross-selling flood insurance coverage, prioritizing prospective properties within defined area.
By collecting first floor elevation for a specific property, more accurate vulnerability curves can be modeled by insurance carriers, which in turn provide more precise loss estimation. Simulated loss estimations for a given portfolio can then be validated or benchmarked against experienced losses, for example, claims. Vulnerability models can also be improved and ultimately guide portfolio steering and alternative pricing strategies that aim at affordability. The output of the True Flood Risk estimator provides more accurate risk based premium estimates important information to existing computer simulation models and to ultimately estimate paid premiums under baseline versus a proposed alternative policy option.
About Think Geohazards, Inc.
Founded in 2007, Think Geohazards (www.thinkgeohazards.com) is an insuretech company offering SaaS based technology and consulting services related to environmental, economic, cultural, ethical and sustainability research initiatives. For more information please contact [email protected] or join Think Geohazards at the 2018 InsureTech Connect conference where company founder Shelly Klose will be presenting the True Flood Risk solution at the annual event in Vegas.
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SOURCE Think Geohazards, Inc.