Each property insurer has a different perspective on how to evaluate natural catastrophe risk when underwriting. Knowing this, why use analytics and data that are the same for everyone?
Ivan Maddox, EVP at Intermap, discussing flood analytics at the Flood Risk Summit in Toronto this Summer. "2017"
Natural catastrophe is demanding more attention from property insurers because it is a significant source of claims while presenting an opportunity to expand written premium. Flood leads the way in the United States and around the globe, while other natural perils (including earthquake and wildfire) are never far from the headlines. At the same time, these perils remain underinsured.
InsitePro provides the necessary risk assessment analytics to expand or solidify property underwriting, including those for underinsured perils. The first step for any insurer to begin underwriting a new natural catastrophe risk, or a familiar risk in a new territory, is to be able to assess the risk based on the specific location. InsitePro does this with configurable risk scoring.
Risk scores can be used in a variety of ways to support the underwriting process, including:
InsitePro’s risk scores use the best available information, including datasets specific to that customer, to deliver easy-to-use use answers that efficiently build profitable and resilient portfolios. With InsitePro, risk assessment becomes more profitable as underwriters spend less time searching for data, and more time expanding their portfolios.
InsitePro is a cloud-based software solution that brings together all the necessary data and analytics for underwriting natural catastrophe risk, anywhere in the world. Here's how.
Risk scoring enables users to combine information from flood zones with data from a wide variety of sources, revealing a more complete view of risk and reducing uncertainty
Single-point and portfolio analytics enable users to assess properties as they come in for quoting, or to evaluate a portfolio of properties quickly and easily
Web-based application ensures users can access the software through their browser anywhere they can get online
Web Service availability enables seamless integration with any underwriting or business management platform