Insurance coverage is being re-defined by customers’ needs, and in today’s climate of unprecedented uncertainty, clients seek insurers who take an analytical perspective and a personalised approach to risk mitigation.
The insurance market is renowned for its resilience, but we are still in the midst of the pandemic with many unknowns. Covid-19 related losses to the insurance sector are expected to be the largest to date. Lloyd’s recently announced that payment to its global customers as a result of coronavirus will be on par with 9/11 and the combined impact of hurricanes Harvey, Irma and Maria in 2017, and possibly in excess of those events once the scale of the pandemic is fully revealed. Controlling risk exposures in the insurance underwriting process has never been more critical than ever.
With many businesses worldwide reeling from the economic fallout of the COVID-19 pandemic, it has become even more critical for insurers to have a holistic exposure management system in place.
Missing a jigsaw piece or two when it comes to full exposure analysis is not an option in today’s economic climate.
Historically, controlling the exposure in insurance across different business lines was achieved through separate technology-based platforms. Many of these systems didn’t connect or speak with each other, which meant that carriers never really got the full picture of their exposure landscape, leaving them exposed to potential losses and missed market opportunities.
At AdvantageGo, we’ve been working hard to address this and to provide an exposure management system that does it all.
Exact, our exposure management software, enables carriers to manage the full spectrum of exposures against any peril or line of business, including pandemic exposures, trade credit and political risk exposures.
Insurers can significantly improve their response to events as they happen and manage their entire portfolio with cutting-edge risk analytics.
Exact’s sophisticated aggregation engine places all risk in one location and scales accordingly to handle an insurer’s entire business. Our software can be effortlessly integrated into end-to-end process workflows using our APIs, and is supported by enterprise-grade administration and self-service reporting capabilities to allow users to configure the solution to meet their needs, providing a highly accurate understanding of the entire risk portfolio.
Exact Max, our reinsurance exposure management system, enables reinsurers to accurately visualise their entire treaty portfolio instantaneously with high-resolution location data to manage exposures and minimise losses. All exposures are managed against any peril in any geography, including natural catastrophe perils such as earthquake, windstorm, flood and wildfire, along with non-cat perils such as terrorism.
To meet the growing concerns and risks surrounding outbreaks and epidemics, Exact and Exact Max provide the ability to manage and assess pandemic risk. Both products display and run accumulations based on new data collated, which is continuously updated. This functionality enables carriers to:
Exact provides comprehensive credit and political risk exposure management capabilities designed explicitly for credit insurers, Exact enables carriers to:
Track exposures against changing limit amounts and control risk against those companies that have been placed on the watchlist to stay ahead of the curve.
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