Specialist insurer Ecclesiastical and Sciemus, risk analytics firm, have partnered to develop what theyterm the next generation of risk assessment and underwriting management toolkit.
The property assessment toolkit “ePAT” adopts the latest technology and mathematical modelling techniques to address the diverse underwriting requirements of a property portfolio. The technology uses:
• UK weather data and event models – distinct from US derived assumptions
• High resolution terrain information for more localised damage estimation and to support precise underwriting
• Detailed information about the construction of the specific properties Ecclesiastical insures
• Flood model includes impact caused by groundwater, surface overflow and failure of drains; as well as ‘conventional’ river overflow
• Probabilistic techniques incorporate the impact of the complete range of possible events and risk factors ensuring decisions are not just based on ‘scenarios’ or previous event experience
• The Environment Agency’s ‘Detailed River Network’ flood maps, and is the first mapping tool to adopt them.
Property Underwriting Manager, Richard Wyatt said: “No insurer can neglect the impact that detailed modelling and mapping technology can have on its business. It gives you the most detailed picture of the properties you insure. It can help predict the impact of weather events and it can clearly identify exposure, so it can also help with reinsurance buying.
“The models that use mapping out there at the moment are doing a great job. But they don’t offer us the right level of detail. We want to be able to model precisely the impact of any potential claims event. We want to know more about the impact of flooding caused by the overflow of drains, for example. As we insure many heritage properties, we also needed to build construction data into the tool, so we can factor in the impact this will have.
“In the future, mapping technology and property underwriting will be inseparable. Insurers who fully embrace the technology will gain a real advantage over competitors and raise the standards of their customer service beyond anyone’s expectation.”
Managing Director of Sciemus Property, Rhona McGregor said: "In addition to the benefit of its superior accuracy, ePAT requires the insurer to enter data once only but provides the ability to use it multiple times and for multiple purposes. It is this focus on the integration of internal information with external datasets, overlaid by detailed modelling, that enables many needs to be met from the same information, making the ePAT model unique in its class. This ensures that a more informed and consistent view is available to all.
“Sciemus were delighted to work with Ecclesiastical and found the quality and stability of the Ecclesiastical portfolio and their input to the design process ideal for the joint development of the ePAT toolkit."
The ePAT system will be rolled out to selected Ecclesiastical staff during early 2009.
