RMS’ Terrorism Risk Analysis Tools
Risk Management Solutions released its Global Geocoding Platform and upgraded Global Terrorism Risk and Terrorism Scenario models, which provide insurers and reinsurers with the first worldwide view of their catastrophe risk accumulations. Version 5.0 of the RiskLink and RiskBrowser software platforms includes capabilities for capturing exposures in 228 countries, allowing users to identify and manage accumulations across multiple lines of business.
Geocoding has been expanded to over 150 countries. RMS’ exposure accumulation functionality allowing users to identify and quantify concentrations of property and human life exposures within a user-defined radius, along with assessing the implications for associated natural disaster and terrorism risk.
Web site: www.rms.com.
Liberty Mutual’s Disability, Life and FMLA
A new Liberty Mutual Web site puts benefit tools and information in the hands of benefit managers, employees, brokers and consultants.
The site is designed to be a gateway to Liberty’s online tools, secure services and product information. From the site, users can access resources to get specific product and service information answering common questions, as well as online tools to manage their exact benefit needs. Benefit managers who are Liberty Mutual customers can access InfoSOURCE application, allowing them to analyze claim data and identify opportunities for program improvement, look up claim status and forms and planning information. There are two key applications: MyLiberty Claim and MyLiberty ClaimStatus.
Web site: www.mylibertyconnection.com.
State Checklist Manager
State Checklist Manager from IASA and Eagle includes a master list of state filing requirements, as determined by the states in which the company does business. Additionally, the checklist manager electronically monitors each individual state Web site for changes in filing requirements for all of the supplemental reports on the checklist.
It tracks details regarding due dates, content and other information related to supplemental filings required for annual and quarterly reporting for each state. As the requirements are updated by the states throughout the filing season, it watches for changes that can impact the filing process, and automatically notifies subscribers by e-mail.
It is available as a self-contained solution from EagleTM, or as part of the new EagleTM WINGS FR solution. This service is $200 to IASA members and $250 to non-members.
Web site: www.eagletm.com/statechecklist.aspx.
Urban Insurance Partners’ Risk Tool
A new urban insurance underwriting methodology that uses sophisticated data mining technology and new sources of information may help insurers better analyze risk in urban areas, according to the Urban Insurance Partners Institute, a nonprofit organization dedicated to helping insurers succeed in urban markets. The new platform will be presented at the fifth national UIPI Urban Insurance Advantage workshop Sept. 13 by Pattern Recognition Systems, a national database consulting and modeling firm, and RW Ventures, an urban marketing consulting company.
Advanced data mining technology, combined with nontraditional sources of data, is said to be an effective approach in addressing instances where standard underwriting tools are also challenged by the fact that the urban population is more diverse than traditional suburban markets. The new platform applies a more sophisticated segmentation analysis to millions of records in a way that allows PRS to recognize patterns, categorize, and profile a wider array of risk, thereby increasing underwriting accuracy, according to Tran. PRS also enhances the data analysis by including credit information from a wide array of sources, including nontraditional sources that help fill in credit information gaps.
Tran believes the technology-based platform will offer insurers a safer way to enter additional markets and write more personal lines and small commercial business. UIPI is working with PRS and RW Ventures to conduct a proof of concept test on the new method.
Once funding is obtained, UIPI supporters would be eligible to participate in the test, thereby learning firsthand how the new methodology works. Pattern Recognition Systems, which specializes in forecasting and segmentation models, developed successful systems for finance, credit card, and insurance companies that reduce fraud, manage risk, and predict consumer behavior that have become industry standards. UIPI is the only insurance industry organization dedicated solely to urban affairs.
Web site: www.uipi.org.