We have implemented several updates to existing models and analytics while introducing new models to efficiently identify suspicious hail related losses at both the involved party and vehicle levels of granularity. These enhancements are designed to aid investigators in detecting potentially suspicious claims and mitigate risks of hail related fraud.
Since 2019, approximately 2.2 million hail-related claims have been scored, representing a significant portion of the total scored claims within that period. Insurers have increasingly requested enhanced analytics to identify and flag previous hail losses, enabling better tracking of these claims to maximize payouts, ultimately impacting both the insured and insurers. As a result, there is a critical need to equip our partners with advanced analytical tools to better mitigate risk and protect all stakeholders.
With these new and updated models and analytics, investigators will be able to better identify and track claims related to suspicious hail losses in order to better mitigate risk and allow for swift decision on settlements.
