Oakland Calif.-based EQECAT, Inc., a provider of extreme-risk modeling, announced that Canada’s Commonwealth Insurance Company has signed a licensing agreement to use EQECAT’s WORLDCATenterprise(TM) platform and XML interface technology to create an integrated catastrophe management system. Financial terms of the agreement were not disclosed.
“To give our underwriters the most up-to-date technology in selecting the appropriate risk and delivering superior service to clients, we sought an efficient automation process that quickly organizes certain tasks for CAT modeling efforts,” stated Bruce Gregg, Common wealth’s chief information officer. “EQECAT’s XML interface and state-of-the-art risk modeling more than met those criteria.”
The announcement indicated that Commonwealth was incorporated by an act of the Canadian Parliament in 1947and has operated as a federally registered insurer since 1950. The company is eligible to write business on an excess and surplus lines basis in 44 U.S. states, and the District of Columbia.
EQECAT noted that its “WORLDCATenterprise™ platform can be accessed through its standard user interface or Extensible Markup Language (XML) technology. The XML interface technology enables companies to fully automate the catastrophe modeling process by directly accessing the software’s analysis engines over a network without going through the standard user interface. The accuracy and speed provided through EQECAT’s XML interface helps clients effectively drive revenues, reduce costs in various operational areas, and provide timely and collaborative use of essential catastrophe modeling information.”
President Rick Clinton commented: “We are pleased that Commonwealth Insurance Company has decided to license EQECAT’s WORLDCATenterprise platform and utilize our XML interface technology. We view automation of the catastrophe modeling process as the next step in the evolution of modeling since it improves efficiency and enhances the ability of companies to incorporate catastrophe modeling directly into their underwriting process.”
Was this article valuable?
Here are more articles you may enjoy.