Aon Benfield Launches ‘ImpactOnDemand’ Cat Risk Management Tool

July 21, 2010

Aon Benfield announced the launch of ImpactOnDemandSM , which it described as a “new generation of its flagship risk management tools, which continue to allow insurers to visualize, quantify and connect their exposures to catastrophic events. Insurers can upload their most current portfolios for viewing and analysis at any time.”

The bulletin noted that the new system “combines the functionality of Aon Benfield’s award-winning ExposureView and CatPortal solutions in one comprehensive package, and includes new features that can be tailored to clients’ individual risk management requirements such as robust global mapping analysis and management reports. ImpactOnDemand provides Aon Benfield clients with the ability to plot a million risk locations in less than five seconds.”

It also “requires no installation or local storage capacity, and provides real-time information on catastrophes including earthquakes, hurricanes, wildfires, tornado and hail events, volcanic eruptions, and other ad-hoc events,” as well as allowing for “continuous exposure analysis.”

The system receives live data feeds from Tropical Storm Risk, an organization that predicts and maps tropical storm activity worldwide, and EuroTempest, the leading resource for predicting and reporting on European windstorm activity. Both organizations are sponsored by Aon Benfield Research, and enable the firm’s clients to “use forecast and historical information to support claims and capital management processes.

“Business Intelligence features include the ability to consolidate historical cat modeling data to analyze trends and changes in the business. Further functionality includes pre-binding underwriting analysis, key risk driver analysis, claims planning and preparedness, and post-catastrophe and exposure accumulation analyses.”

Steve Mildenhall, CEO of Aon Benfield Analytics, commented: “Leading edge data analysis and reporting tools are becoming increasingly important to clients – the quality of data analysis can make a huge difference to their risk management strategies, and can help to evaluate the inherent strength of their business models. ImpactOnDemand allows clients to dynamically interact with their data to build and deliver reports in real-time. Clients can upload and access new exposure or claims datasets at any time, to analyze current information when managing a catastrophe or monitoring portfolio growth.”

Dominic Christian, co-Chief Executive Officer of Aon Benfield, added: “This tool represents an exciting development in risk management, and is a direct result of the huge investment we are continuing to make in our analytical capabilities. It is a real-time aid to insightful business decisions.”

Source: Aon Benfield

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