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In This Issue
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New
Report: Straight Line Wind
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Featured
WebEx: CDS Hail & Tornado Models
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Featured
WebEx: E2Value Residential & Commercial Replacement Cost
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RiskMeter's
Custom Coastline Reports for MGAs
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NAVTEQ
Geocoding Solution Coming Soon
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TX
Designated Catastrophe Areas
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3,000
Sinkholes Added to Clearinghouse
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RiskMeter
Partners with BuildFax
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RiskMeter
Online Integration
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South
Carolina Beach & Coastal Wind Report Update
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TX
Wildfire Report
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KY
Tax Code Enhancement
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YouTube
Channel: Web Services Recording
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Online
Training Schedule
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Upcoming
Events
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Unsubscribe
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New Report: Straight Line
Wind
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RiskMeter has added
a new straight line wind report to its service. Straight line
winds (also known as thundergusts or hurricanes of the prairie) are
produced by the downward momentum in the downdraft region of
thunderstorms. Straight line wind storms can produce winds that
reach 100 mph or more.
RiskMeter's straight line wind report gauges the potential for damage
to any location in the Continental US, and is based on data from the
National Climatic Data Center. By simply typing in an address,
you will be able to get:
SLW Scale:
This is a number between 1-100 that represents the frequency of
straight line wind events. Currently, the national average is 8
(equates to 2 straight line wind events per year), so any SLW Scale
number higher than that is more likely to have an event occur.
SLW
Percentile: This is a percentile score that
compares your lookup to the rest of the US. For example a score
of 10 means that it is in the lowest 10% of all areas in the US, or a
score of 80 would mean that it is in the top 20% of all areas in the
US. Being in the 50% percentile means this is the median value.
Storms per
Year: This is the average number of straight
line wind events per year for an area.
SLW Score:
This score is based upon the straight line wind events per
year. The scores can be interpreted as follows:
0 No Risk - No events reported
1 Below Average Risk - Less than 1.5 events per year on
avg
2 Average Risk - 1.5-2.5 events per year on average
3 Elevated Risk - 2.5-5 events per year on average
4 High Risk - 5 to 15 events per year on average
5 Extreme Risk - More than 15 events per year on average
For more information about this report, please contact Daniel Munson,
Founder, RiskMeter Online at 617.737.4444
or Email
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Featured WebEx: CDS Hail
& Tornado Models
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Hail & tornado
losses have been tough on insurers this year, but CDS can help.
We have hail, tornado, and straight line wind exposure models. These
models, based upon historical data, can identify the areas that are
most at risk from losses. Typically, we rank locations on a score
from 0 (no risk) to 5 (extreme risk). These scores can be used
on a location basis. In addition, we've also provided carriers with
statistics by
county or Zip Code to help them to understand their risk exposure in
an area.
On Wednesday,
November 9th at 2PM (EDT) Daniel Munson, Founder,
RiskMeter Online will demonstrate our hail, tornado and straight line
wind reports, talk about risk mitigation strategies and answer
questions. To reserve your spot, register here
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Featured WebEx: E2Value
Residential & Commercial Replacement Cost
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Did you know Risk
Meter offers a replacement cost suite of products? CDS has
partnered with replacement cost leader E2Value. Their leading
edge valuation products have been integrated into the RiskMeter for
several years. Many of our customers do not know replacement
cost reporting tools are available in RiskMeter. Determining
the potential geographic risk and replacement cost of a property are
two crucial steps in the underwriting process. With these
offerings, RiskMeter now offers replacement cost estimators for homes, mobile homes, farm,
ranch and
commercial properties. With more and more insurance
companies focusing on improving underwriting results, we wanted to
offer a solution that would help our users to streamline their
underwriting processes. Also, as the real estate market has spiraled
downward, many people believe that the replacement cost is therefore
less, but in reality, costs
of labor and commodities have steadily risen over the years. A
true replacement cost does not fluctuate with the rising and falling
of home values. Benefits of this partnership include:
- Elimination
of duplicate data entry - Since this program is fully
integrated, RiskMeter Online users can get geographic risk
reports and property valuations without duplicate data entry.
- One
Account/One Bill - RiskMeter Online users will receive one bill,
which contains the number of geographic risk reports and
property valuations.
- Valuation
Report Archives - e2Value's Smart Data Warehouse tool allows
users to retrieve existing replacement cost reports. In
addition, it also enables users to review & edit existing
reports, without having to re-key data, as well as perform data
mining & trend analysis.
- One
Contact Person - If someone has a question about billing or how
the account is set up, RiskMeter Online users just need to speak
with their account executive.
E2Value
WebEx Demonstration
On Thursday,
November 17th at 2pm (EDT) Daniel Munson, Founder,
RiskMeter Online will perform an Online demonstration of E2Value's
Residential & Commercial Replacement Cost Tools. We have a
limited number of seats for this event. To secure your spot,
visit our registration page
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RiskMeter's Custom
Coastline Reports for MGAs
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MGAs quite often write for more than one
carrier. When measuring the distance to coast, this can be
problematic. There is no agreed upon standard as to what the
coastline is. Therefore, various carriers can interpret the
distances differently, which causes confusion for the MGA. The
MGA may not know exactly how a carrier measures the distance to the
coast. For the MGA, this makes calculating the distance to
coast confusing and time consuming. Also, if the MGA is not
using the carrier's custom coastline, they may actually get back
different distances than the carrier!
The RiskMeter has a
solution. On a single RiskMeter account multiple coastlines can
be used. So if an MGA works with four different carriers,
RiskMeter can return four separate answers. We now have custom
coastlines from several carriers. This will
enable you to get the correct answer from each carrier. But to
do this, we need the help of the MGA community. Let us know what carriers
you need coastlines for! Also, speak with your
carriers, and let them know how much this would help you. If we
can get each carrier to define their custom coastline for us, we can
load them on your RiskMeter account if you write business with
them. This way, you would type in the address once, and get back
the distance to coast from each carrier according to their
rules. The custom coastlines can also be used with our web
services, which enables straight through processing.
For more information about this program, please
contact Daniel Munson, Founder, RiskMeter Online at 617.737.4444
or Email
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NAVTEQ Geocoding Solution
Coming Soon
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Address placement
plays a vital role for underwriters and agents who leverage automated
underwriting solutions. However, if you can't accurately locate
an address, you really can't do very much. The RiskMeter Online
has made it a priority to provide the best geocoding solutions
available. By using multiple geocoders, we believe that we have the
highest accuracy rates of anyone.
We're proud to announce that we've reached an agreement with NAVTEQ
to add their premium geocoding solution to our service. Once
we've fully integrated NAVTEQ into RiskMeter, we will add over 100 million
parcels (in addition to 100 million plus parcels we have today), as
well as increase our accuracy and hit rate with our street coverage.
For more information about our geocoding
solutions, including parcel level, street level, manual and
birdseye (aerial) and oblique images (3D), please contact Daniel
Munson, Founder, RiskMeter Online at 617.737.4444 or Email
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TX Designated Catastrophe
Areas
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The 70th Texas
Legislature passed House
Bill 2012 (codified as Article 21.49 Section 6A,
Texas Insurance Code), which implements certain inspection
requirements for structures to be considered insurable property for
windstorm and hail insurance through the Texas Windstorm Insurance
Association (T.W.I.A). Our GIS Analysts have just digitized the
TX Designated Catastrophe Areas. By simply entering in an
address, insurers can see if a policy falls into a Seaward of
Intracoastal Canal, Inland (I) of Intracoastal Canal or Inland (II)
of Intracoastal Canal and properly apply credits. For more
information, please contact Daniel Munson, Founder, RiskMeter Online
at
617.737.4444 or Email
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3,000 Sinkholes Added to
Clearinghouse
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We have just added
approximately 3,000 sinkholes to RiskMeter's sinkhole
clearinghouse. These sinkholes were pulled from building permit
data throughout the state of Florida. For the past few years
RiskMeter has been coordinating a sinkhole clearing house for
carriers. By sharing sinkhole information, we believe it will enable
carriers to have the most accurate picture of sinkhole activity in
FL. We've added thousands of sinkholes not available from public
sources to this database from carriers. Missing just one of these
could lead to a very costly claim! Get involved today!
For people who aren't familiar with this program, here's how it
works. Insurers who submit reported sinkholes will have access to an
exclusive database, which is comprised of our data and other
carriers' data. Taking part in this program is a win-win situation
because it will give users a better picture of their sinkhole risk.
To find out more about this program, contact Jamie Munson at 860.854.6125
or Email
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RiskMeter
Partners with BuildFax
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RiskMeter Online is
proud to announce that we have formed a partnership with BuildFax.
BuildFax has a database of building permits, and can mine this data
in innovative ways to retrieve property information that is not
readily available anywhere else.
BuildFax's roof age reports can be used throughout the insurance life
cycle. Below are just a few ways these reports can be leveraged
for a competitive edge.
Florida Wind
Mitigation Re-inspections
Currently, there are thousands of homes that are receiving wind
credits they don't deserve. Many carriers have launched
initiatives to verify wind credits through re-inspection. This
can be a very time consuming and expensive process! However, by
leveraging a BuildFax Report, you can quickly and easily pinpoint
properties which may need further review. This can save you an
extraordinary amount of money and time, and let you allocate
resources where they are most effective.
Book of
Business - We can take your book of business and
append roof ages to your policies. This information can be used
to follow up with current customers who are underinsured or non-renew
those who are too risky.
Lead
Generation - Reach your target market by mailing only
to prospects that meet your underwriting requirements. This
will allow you to stretch your marketing budget, which is a must in
today's tough economic environment.
Why is Roof Age Important?
BuildFax has collected and processed the original building permit
data to ensure underwriters are getting the correct
information. Although roofs may look 5-10 years old, you'll
often be surprised to learn through the BuildFax database that
construction records reveal it's closer to 15-20 years old.
BuildFax's BatchPlus™ roof age analysis is a must have for risk
mitigation. For more information about
pricing, please contact Daniel Munson, Founder, RiskMeter Online at 617.737.4444
or Email
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RiskMeter Online Integration
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Has your company
thought about accessing RiskMeter data directly through an agent
portal or policy administration system? If you have not, your
agents and underwriters are wasting valuable time validating this
information outside of their work stations.
Successful carriers are now automatically validating information
provided by their agents at the time of quote. By integrating the
RiskMeter Online, carriers can comfortably quote and bind in
real-time by using validated information. In a previous study,
we found that up to 15% of all policies are incorrectly rated.
This is due to the agent or underwriter having to manually determine
the proper rating territory with paper definitions. This
process can be done automatically via RiskMeter integration for the
most efficient results. What is 15% of your TIV?
We here at RiskMeter Online have partnered with over a dozen large
and small agent portals and policy admin systems to reduce key
strokes and streamline the underwriting process. We have also
simplified our web services for in-house integration
projects. If you have not discussed integrating RiskMeter
Online into your solutions, now is the time.
For more information, please contact Daniel Munson, Founder,
RiskMeter Online at 617.737.4444
or Email
To view our integration partner list, please visit here
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South Carolina Beach & Coastal Wind
Report Update
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The South Carolina
Beach & Coastal wind pool areas have been extended until March 29, 2013.
These territories will remain the same until further notice. If
you're not familiar with this report, if a policy falls in a windpool
zone, RiskMeter will return the County and Territory Zone. For
more information or to add this report to your account, please
contact your account executive at 617.737.4444.
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TX Wildfire Report - Is there a need?
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The 2011 Texas Wildfire season has been extremely
active and has caused millions of dollars in losses for Property
& Casualty insurers. We'd like to get your feedback to see
if you would like us to add a TX wildfire report. Currently, the CDS
Wildfire report provides coverage for 13 states including: AZ, CA, CO, FL, ID, MT,
NM, NV, OR, SD, UT, WA and WY.
If we added TX, we would be able to process new business, as well as
run your existing book in batch. Based on your responses we may
add Texas or any other states where you write business.
You may Email your responses to Daniel Munson, Founder, RiskMeter
Online at Email.
In addition, if you write in any of the states above and are
concerned about you wildfire exposure, we can take your book of
business and run it through in batch.
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KY Tax Code Enhancement
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We are considering
enhancing our Kentucky Tax Reports so that it would automatically
calculate taxes for users. Calculating KY taxes correctly can
be very tricky because the rates change per jurisdiction and line of
business. In addition, certain types of businesses are
exempt. This additional capability would allow smaller
companies without a significant presence in KY to calculate the
premiums accurately, without a large IT investment. For more
information, please contact Daniel Munson, Founder, RiskMeter Online
at 617.737.4444
or Email
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RiskMeter Youtube: Web
Services
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We have created a
Youtube channel for our users. Over the next few months we will
be adding more of our featured WebEx presentations to this
channel. We have just added our July Featured WebEx: RiskMeter
Web Services to Youtube. To listen to this presentation, please go here
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Online Training
Schedule
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In order to help
you utilize the RiskMeter Online more effectively, we are now
offering complimentary training to all of our customers. This
is a great way for your organization to have its most pressing
questions answered, learn about the latest risk reports and discover
how to utilize cutting-edge features, such as: Birdseye Geocoding,
One Click
Ruler and Manual
Placement.
To attend any of
the complimentary training sessions, please register here
Western Risks
Wednesday, November 2, 2011
National
Risks
Wednesday, November 9, 2011
Western
Risks
Wednesday, November 16, 2011
National
Risks
Wednesday, November 23, 2011
Western
Risks
Wednesday, November 30, 2011
These events are open to customers and prospects. To
secure your spot for the events below, register here
Event: CDS Hail & Tornado Models
Date & Time: Wednesday, November 9 at 2pm (EDT)
Event: E2Value
Residential & Commercial Replacement Cost
Date &
Time: Thursday, November 17 at 2pm (EDT)
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Upcoming Events - Meet the
RiskMeter Team
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RiskMeter Online
will be attending or exhibiting at the following upcoming
conferences. Whether you're a customer or prospect, we'd love to
meet with you onsite at these exceptional events! Don't
hesitate to stop by our booth or if you wish to schedule an
appointment, please contact Dan Munson (Email) or Brad Sherwin (Email ) at 617.737.4444
Property Insurance Report
November 13-15, 2011 * Dana Point, CA
California
Wholesalers Industry Day (CIWA)
January 11-13, 2012 * La Jolla (San Diego, CA)
Reinsurance
Association of America CAT Modeling
February 14-16, 2012 * Orlando, FL
Napslo
Mid-Year Leadership Forum
February 29 - March 3, 2012 * Scottsdale, AZ
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