View this article online: https://www.insurancejournal.com/news/international/2020/07/15/575640.htm
Catastrophe modeling firm AIR Worldwide announced that, as part of its Touchstone 2020 software release, clients now can access a premium international address-level geocoding feature to enhance the quality of their exposure data.
The geocoding is provided by Precisely, a Pearl River, N.Y.-based data firm.
“Using high quality exposure data, such as any information about the property, its replacement value, and its physical characteristics including the location of that property, has a significant impact on the loss results generated by a catastrophe model,” said Gayatri Natarajan, vice president of product, AIR Worldwide, which is the Boston-headquartered division of Verisk.
“Having the right latitude and longitude coordinates for a property can have an enormous bearing upon the accuracy of risk estimation and the impact that extreme events might have on that property. Through our collaboration with Precisely, Touchstone 2020 will help support clients’ ability to access this feature for international properties,” she added.
As part of this offering, licensed and configured users will be able to import or re-geocode exposure data with street addresses, and have the option of including high-resolution address-level international geocoding services for use with Touchstone loss, hazard, and geospatial analyses.
AIR clients can also pass the premium geocodes on to their downstream insurers, brokers, reinsurers, and retrocessionary insurers so that they can also make insurance and reinsurance quote/pricing decisions using the same location-specific geocodes on the client’s behalf. Users will also have the option to control which locations are not sent to the premium geocoder by country or by line of business.
“Precisely geocoding enables organizations to organize, locate, and geo-enrich address data on a global scale to provide greater context and make better business decisions,” said Clarence Hempfield, vice president, Product Management, Precisely. “AIR is an innovator in the catastrophe modeling industry, and with Precisely’s best-in-class geocoding, Touchstone provides trusted, enriched location data to enhance catastrophe modeling to meet the performance, transparency, and flexibility needs for AIR clients.”
Touchstone 2020 also includes several enhancements that simplify data transfer, enhance integration, and improve user workflows, including a quick way to update perils in the Touchstone user interface. AIR is also introducing more flexibility to bring-in custom vulnerability functions through Model Builder, which enable users to create their own view of risk based on AIR model outputs.
Source: AIR Worldwide