Get More Accurate Wildfire Risk and Fire Protection Scores with HazardHub in Flaine
HazardHub is the most comprehensive P&C risk data set we have ever created. Specifically, we have more than 1,400 property and casualty risk factors for any U.S. address delivered via an API or integrated within Guidewire applications.
For our Flaine release, we are introducing two new updates that will help underwriters and actuaries make better decisions.
HazardHub Enhanced Wildfire Model
HazardHub Property Fire Score Plus
Let’s go over both these features.
1. HazardHub Enhanced Wildfire Model
Just in time for wildfire season, we have a new risk factor called “enhanced wildfire.”
This is the second generation of our wildfire model. Scores are more accurate and allow you to pinpoint localized wildfire risk.
What makes scores from this model more accurate than before?
The base geography of our old wildfire model was 11 million large U.S. census blocks of various sizes. The base geography of our new wildfire model is 73 million uniform hexagon blocks 26 acres size. In fact, the new wildfire model is seven times more granular than before.
We’re also ingesting new vegetation data from satellite imagery into the model.
Because of the smaller base geography and faster ingestion of vegetation data, we can track wildfire risk more precisely – especially in rural and urban-wildland areas.
Put in another way, a house that was once a D score in the old wildfire model could be an F score in the new wildfire model because we’ve correctly identified that the property may be next to a vegetation burn point.
The enhanced wildfire scores and data is live now and included with your HazardHub Property Risks subscription. We encourage prospective customers to try this for free along with all our risk data by signing up at api.hazardhub.com.
2. HazardHub Property Fire Score Plus
We also have a new risk factor called Property Fire Score Plus.
This is the third generation of our property fire score model. The scores from this model enable you to differentiate fire protection class more accurately.
How is this model more accurate and more scientific than the property fire score model we had before?
Due to our acquisition by Guidewire, we now have access to real world loss data. PFS Plus is a Generalized Loss Model (GLM). We’re able to correlate our 1,400+ risk factors to real world fire loss. It turns out that factors like distance to a fire hydrant, number of fire stations nearby, and staffing at the fire station drive real world loss. Now we’re able to calculate fire scores for every address in a more scientific way. The benefit here is that you can use our updated scores to price and differentiate fire risk better.
Property Fire Score Plus will be live in HazardHub in Fall 2022 and included with your HazardHub Property Risks subscription. We encourage prospective customers to try this for free along with all our risk data by signing up at api.hazardhub.com.
To learn more about all the new features of Flaine, please see our Flaine landing page where you can watch our Flaine Release Highlights video with product demos of these features or view other launch release resources.