Pitney Bowes Software announced a product enabling insurers to accurately attribute wildfire risk ratings during the underwriting process for any commercial or private location in the United States.
The Pitney Bowes Risk Data Suite Wildfire Bundle, touted by the company as the first national wildfire risk software solution for the insurance sector, can calculate and integrate risk ratings into policy writing similar to the way flood risk is accounted for when establishing correct policy pricing.
“For the first time, insurers have the national geospatial data for underwriting wildfire risk across the United States,” said John O’Hara, EVP and president, Pitney Bowes Software. “We are excited to deliver critical fire science intelligence that will help insurers to more accurately identify, assess and mitigate risk exposure from these catastrophic events.”
The data suite supports cat modeling with fire behavior science provided by Anchor Point Group Fire Management Consultants. The vast array of U.S. vegetation, weather history and key geological attributes are calculated by location to help predict how wildfires are fueled and how they might spread.
According to Pitney Bowes, Wildfire Risk Data can process hundreds of millions of policies in an hour and is available as software-as-a-service or as an on-premise solution.
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