This year’s 1.1. reinsurance renewal season has been particularly challenging for many ...Read More
New Standard In Exposure Management
A NEW STANDARD IN EXPOSURE MANAGEMENT
The Hartford, a long-term partner of AdvantageGo, is a global specialty insurance company with operations across the United States, United Kingdom, Continental Europe and Asia.
The Hartford recently broadened its product offering by forming a Political Violence and Terrorism team. A key factor of the underwriting process for this line of business is the understanding of the precise insured location when rating the risk. The Hartford recognised that they required a more granular understanding of their insured locations, right down to premise level geocoding.
This increased level of location accuracy became necessary for The Hartford to better understand and visualise their exposure to catastrophe events such as hurricanes, floods and terrorist attacks. Furthermore, they recognised that there was an opportunity to provide their underwriters with more detailed information to enable them to make better informed decisions.
The Hartford went live with Exact and currently use the system across their global property and marine lines, including Political Violence & Terrorism, Inland Marine and Onshore & Offshore Energy.
Exact operates as a centralised exposure management platform, feeding data to the cat modelling systems and utilises integrated geocoding and GIS mapping to deliver a clear and visual understanding of risk accumulations.
For The Hartford, Exact is perceived as a business enabler, not just a risk management tool. Exact enables The Hartford to quantify its accumulations of risk to a level that was not previously possible. It allows their underwriters to communicate their risk appetite to reinsurers and demonstrates that they are operating within the agreed strategy to ensure favourable reinsurance agreements.
Automated daily reports track exposures and have now replaced manual processes.
These reports can be customised to various teams allowing for mission critical decision-making. This has given The Hartford the ability to respond in real time when events occur; for example, during HIM, underwriters in the power and utilities team received daily updates to better understand their exposures. This means they could interpret possible net losses, and affected locations as the events occur. These reports and the enhanced near real-time information not only help The Hartford identify particular assets and its exposure to them, but also helps with reserving for claims, therefore enabling a much quicker response.
ACCURATELY VISUALISE & MANAGE YOUR ENTIRE PORTFOLIO
WITH OUR POWERFUL EXPOSURE MANAGEMENT PLATFORMS
After a two-year physical hiatus, 2022 saw the physical return of the ...Read More
Much has been written and debated about the art and science of ...Read More