TruExposure™ is a comprehensive suite of solutions to help property insurers and reinsurers better understand and improve exposure data used for catastrophe analyses. It encompasses four primary components: scoring, validation, benchmarking, and augmentation.
- Scoring quantifies data quality and risk at a location and portfolio level.
- Validation determines the completeness and reasonability of property location information, building characteristics, and replacement values within a portfolio.
- Benchmarking compares exposure data within a portfolio to industry averages and distributions of insurance-to-value, construction, occupancy, and market share as represented in AIR’s industry exposure database.
- Augmentation enhances property-specific building characteristics and replacement values when they are missing or questionable. Companies can use TruExposure property-specific data to enhance building location information, property replacement values, and building characteristics.
Data management reviews and data preparation and cleansing are also available on a consulting basis.
A Data Quality Solution for Insurers and Reinsurers
Assessing and enhancing exposure data will help insurers and reinsurers refine catastrophe modeling results, thereby enhancing underwriting and portfolio-management decisions.
Insurers can leverage TruExposure to enhance exposure data used to assess catastrophe risk in the underwriting process, evaluate and enhance exposure data files for portfolio modeling, and communicate the quality of data to third parties. TruExposure can also be used to conduct a sustained campaign to understand exposure data quality and identify possibly systemic exposure data issues.
TruExposure allows reinsurers to quickly differentiate data quality among cedant portfolios. This includes building characteristics and property valuation that can be analyzed at various geographic resolutions. Reinsurers can also use TruExposure to enhance property-specific data elements before a catastrophe analysis.