AIR Worldwide announced that it has integrated catastrophe modeling with risk management and reinsurance underwriting systems for AXIS, a Bermuda-based global provider of specialty lines insurance and treaty reinsurance.
“AIR’s Integration Solution provides an interface between our portfolio management system for catastrophe reinsurance and AIR’s catastrophe modeling technology, for improved workflow efficiency,” explained Stephan Schwere, Vice President Modeling, AXIS Re Europe. “This allows us to analyze our entire portfolio using the latest model version without manual interaction. The customized integration platform provides us with better resource utilization, reducing training costs and enabling our underwriters and analysts to focus on analysis and decision making, rather than the mechanics of running AIR models.”
Bill Churney, vice president at AIR Worldwide added: “AIR Integration Solutions can be used to directly integrate catastrophe risk analyses for individual risks or entire portfolios with a wide variety of applications, thereby streamlining the analysis process. Data import, geocoding, loss analysis, job management, and load balancing can be set up to occur automatically without necessitating that users access catastrophe risk modeling applications separately. Results can be viewed in a client’s own proprietary system or exported into customizable reports.”
“AIR’s catastrophe loss information is now integrated directly into our portfolio management system, which allows us to analyze our entire portfolio using the latest model version without manual interaction,” added Schwere. “This integration reduces error points and allows us to analyze significant data volumes in a shorter amount of time.”
Churney also pointed out that “during the renewals season, reinsurers need to analyze hundreds of submissions, using detailed exposure data whenever possible. AIR’s Integration Solutions allow companies like AXIS to manage this large volume of data, enabling them to not only save time and money but also devote more time to actually analyzing their risk.”
Source: AIR Worldwide – www.airworldwide.com
Topics Reinsurance Risk Management
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