Capturing and maintaining high-quality exposure data is one of the most significant issues confronting companies concerned with catastrophe risk. TruExposure™ is available as a software module that can be accessed through CLASIC/2™, the application of choice for companies who need to accurately assess catastrophe risk down to the individual location level.
Through a graphically rich user interface, TruExposure for CLASIC/2 helps companies assess exposure data strengths and weaknesses, prioritize data quality improvement with scoring, compare the makeup of data in a portfolio to industry averages and distributions, and enhance exposure data if it is incomplete or of questionable quality.
Assess and Enhance Data Quality
TruExposure comprises the following modules that can be easily integrated into an existing catastrophe risk modeling workflow:
Scoring provides a quick and easy assessment of questionable exposure data on both a location and portfolio level. Quantification of the risk is based on the completeness of data and accuracy of the geocode, as well as hazard, and replacement value.This provides a powerful and insightful view into data quality across business units, locations, portfolios, and policies.It also enables prioritization of efforts to improve exposure data quality.
Validation provides a full assessment of the completeness and reasonability of property locations, building characteristics, and replacement values within a portfolio. The validation module enables companies to analyze multiple views of exposure data. This ranges from a high-level, graphically rich view of a portfolio’s exposure data quality to highly detailed views that enable users to see results down to the individual building characteristic. The validation module also includes the ability to help insurers satisfy the exposure data reporting requirements requested in the A.M. Best Property/Casualty Supplemental Ratings Questionnaire.
Benchmarking assesses how a company’s exposure data compares with that of the industry as reported in AIR’s industry exposure database (IED). Benchmarking analyses can be customized by line of business to compare how property information, including construction, occupancy, replacement values, and market share, compare with industry averages at the country, state, or county level.
Missing or questionable data can be seamlessly augmented with reliable replacement costs and building characteristics provided by TruExposure property-specific data. Recognizing that each company’s business needs are different, TruExposure supports customized data augmentation rules to determine what data to enhance. Once the augmentation process is complete, the updated portfolios can be accessed directly from CLASIC/2 for detailed catastrophe loss analysis.
TruExposure Data Quality Report
TruExposure provides high-quality, readymade reports and also offers users the ability to fully customize reports based on specific needs. The TruExposure Data Quality Report provides a complete overview of TruExposure scoring, validation, benchmarking, and augmentation analyses. These graphically rich, yet detailed reports are designed to be easily shared to satisfy both internal and external reporting requirements.