Madison weather network and analytics company Understory thinks it has found a way to save insurers money after storms.
Understory has deployed some 500 weather sensors across the U.S. Those sensors have helped insurers analyze more than 100,000 claims leading to more than $62 million in savings, the company said.
The idea is that better knowledge about the damage can help insurers allocate resources faster and with more precision within storm-impacted areas.
At the end of June, Understory launched its hail assessment product WISE, which stands for Weather Intelligence Storm Estimates. WISE auto-generates assessments after hailstorms for insurers using the data collected by its sensors. The reports show post-storm policyholder behavior, claims submission timing and adjuster experience requirements for assessing the damage. Read the full story here.