Blog

HazardHub Announces Exciting 2020 Results

SAN DIEGO, CA -HazardHub, provider of the industry-leading HazardHub API, today announced record company growth in 2020. In a year when Insurtech solutions became a necessity for businesses around the world, this profitable company reinforced its growth position in the market through a number of new customer wins and increased customer traction with both carriers and partners. HazardHub completed more than 10,000,000 external API calls, resulting in revenue growth of 60% over the prior year – its 4th consecutive year of high double-digit growth.

Bob Frady, CEO of HazardHub said that “2020 was certainly a shock to the Insurtech world, as many of our fellow Insurtechs either struggled to meet their revenue goals or ran out of runway and were absorbed into a larger, more financially stable company. HazardHub’s laser-focus on providing incredibly rich and powerful data at costs far below our competition – combined with a process that gets companies on-board in hours rather than months – has allowed us to thrive.

HazardHub develops the first national LUST database (Leaking Underground Storage Tanks)

SAN DIEGO CA – HazardHub, the USA’s fastest-growing supplier of geospatial risk data and a 2019 Insuretech 100 company – announced that they have developed the first ever national database of Leaking Underground Storage Tanks (LUSTs). Insurers and property specialists can easily see both the closest LUST and the number of leaking tanks within a quarter-mile of nearly any location in the United States.

Rachel Revolinski, Senior GIS Specialist for HazardHub says, “We are very excited to release the latest update to our Underground Storage Tank (UST) database that now includes whether the tank was ever flagged as leaking. We initially started with each locale’s tank data, then spent a massive amount of time cleaning, compiling, and standardizing the tank data. The result is the only national, comprehensive database of LUST (Leaking Underground Storage Tanks).”

New Data Release – April 2020!

The COVID-19 epidemic has given us even more time on building new and (we hope!) interesting data for our customers.

Today, we’ve added a number of new datasets, as well as updated some existing data. It’s the first wave of several – we’ve got a lot coming down the API pipe over the next several weeks.

Snow Load – A vexing issue among our clients with cold weather exposure is sudden roof collapse when snow occurs. Our Snow Load determines the risk of a property suffering structural roof failure due to snow load. Snow load operates on a 1-10 scale and is also accompanied by HazardHub A-F grades. If you’re concerned about catastrophic snow load, this is the variable for you. Here’s how it looks in the API return –

5 Hurdles to Insurtech Success

We like to joke that we started an insuretech because we wanted to make money as slowly as possible. It’s a funny, yet exceedingly painful, joke.

We were asked recently to discuss issues that Insurtech companies face in becoming successful. We came up with 5 things that stand between insurtechs and success. Here they are but please note – your mileage may differ.

1) The Maths – All Insuretechs have one super-challenging math equation to overcome –

Risk = Bad

Insuretech = Risk

Therefore, Insuretech = Bad

Insuretechs are busy trying to make themselves more inventive. Which only makes them riskier. As this equation shows us, that’s a bad thing. Much more attention needs to be paid to how Insuretechs can de-risk themselves and make it easier for insurance professionals to rely on them.

HazardHub Adds to its Library of Free Research Options with “Do I Need Flood Insurance” and “Property Elevation” Tools

HazardHub, the nation’s fastest-growing supplier of geospatial risk data, is excited to announce the release of the first of its kind “Do I Need Flood Insurance” tool, available immediately at HazardHub.com, under the Tools tab.

Dr. Brady Foust, Ph.D. – Chief Science Officer of HazardHub – says “Flooding is the number one disaster in the United States. We’ve spent much of the past three years creating as complete a data set as possible for flood risk. Looking at flood risk is a problem bigger than just FEMA maps. While we usually provide this data to the insurance industry, we also saw a huge need for consumers to have an easy-to-understand answer to the vexing issue of flood insurance. Our new “Do I Need Flood Insurance” tool provides answers based upon the user’s property address.”

The HazardHub flood data sets are comprised of three factors.

HazardHub zooms past 100 billion data points for Property analysis

SAN DIEGO CA – HazardHub, the nation’s fastest-growing supplier of geospatial risk data, is excited to announce that it has recently passed 100 billion data points for property analysis in the United States.

Dr. Brady Foust, Ph.D. – Chief Science Officer of HazardHub – says “We’ve worked incredibly hard to develop an unparalleled amount of data for companies concerned with property risk characteristics. Over the last three years, we’ve spent an enormous amount of time increasing the depth and sophistication of our data. We’re pleased to announce that we can currently deliver over 100 billion data points across the United States. The amount and quality of data available via HazardHub are simply unmatched by any other property data company in the United States.”

The process of getting to 100 billion data points involved building dozens of national data sets that provide unparalleled insights to the risks – both simple and complex – that can impact both personal and commercial properties across the US.

HazardHub Introduces ReplacementHubTM Property Replacement Estimations

HazardHub, the nation’s fastest-growing supplier of geospatial risk data, is pleased to announce the introduction of Home Replacement Cost estimates from our award-winning API.

HazardHub combines its high-resolution property data with the intelligence provided by e2Value to create ReplacementHub, an estimate of the amount needed to replace the existing property structure. ReplacementHub recognizes the difference in both commercial and residential properties, applying the most appropriate answer for a given location.

Bob Frady, CEO of HazardHub, says “the recent string of wildfires in California has introduced a new and expensive hazard for property insurers – underinsurance. People are surprised to find that – from a catastrophe or not – they often don’t have enough insurance to cover the cost of rebuilding a home or business. In the end, the insurance company can end up with a compliance and customer nightmare,

HazardHub Introduces Mold Susceptibility Database and Updated Fire Station and Wildfire Data

HazardHub, the nation’s fastest-growing supplier of geospatial risk data, is pleased to announce the launch of two brand new data sets and updates to four others. All new and updated data is immediately available via the HazardHub API.

New datasets include –

HazardHub Mold Susceptibility Index – Mold is an increasingly serious problem for insurers, as undetected water leaks and other environmental conditions can provide a great environment for mold. Mold forms from a combination of internal construction and external environmental conditions. HazardHub’s Mold Susceptibility Index provides a score of the likelihood that the external environmental conditions that encourage mold growth exist at a property.

Airport Noise – We’ve taken noise contours and flight paths from hundreds of public and private airports to create our Airport Noise database.

HazardHub’s HydrantHub Passes 10 Million Fire Hydrant Locations Nationwide

SAN DIEGO CA – HazardHub, the nation’s fastest-growing supplier of geospatial risk data, has announced that HydrantHub – the nation’s first and only addressable database of fire hydrant locations – has just added its 10 millionth fire hydrant location. The milestone was achieved while examining the more than 180 hydrants for Hamlin, NY, as part of HazardHub’s intense drive to add fire hydrant locations.

Distance to a fire hydrant is one of the most critical components to properly priced homeowners and property insurance. Yet – too often – hydrant data is simply missing from existing fire protection algorithms. HydrantHub’s aim is to break that data blockage by collecting and standardizing hydrant data, then making that data available to consumers, insurers, inspectors, and municipalities across the country. Not only can HydrantHub tell you the closest hydrant,

HazardHub Releases New and Updated Data!

It seems like forever since we’ve released new data…even though it’s only been since November! So we decided to release some this month. (Don’t worry, we’ll have some more real soon!) If you’re an API customer, the data is live and available today!

SurgeMax Inundation Depths – Our current SurgeMax model gives you the risk of storm surge, tied to the strength of the storm. We’re adding the actual expected inundation depth from surges of various sizes. This way, you can have a better idea of how to protect a property from storm surge inundation. Our SurgeMax data now includes – Inundation depths for each storm category, CAT 1 through CAT 5 1 foot intervals 1 – 20 feet and > 20 feet, and Areas protected by levees.