By Colette Karakashian | October 27, 2020

Insurers and reinsurers like yourself work with many individual products and tools as part of your day-to-day activity. Each of these tools may play its individual role to perfection, but sometimes they don’t play nicely with one another and there is a lot of manual transfer and intervention required.

In the London market, many AIR clients also license tools from Sequel, our sister company within Verisk. Together we are working toward a shared vision that simplifies the exchange of exposure information between our applications and makes advanced analytics more accessible. One of these tools is Sequel Impact, which many AIR clients already license or plan to license to fit into their exposure management workflow. Sequel Impact is an underwriting and exposure management platform that enables you to:

  • Calculate exposure scenarios in near-real time
  • Quantify your total risk exposure in seconds
  • Watch every insurable asset automatically upload and be enriched with external data, for both onshore and offshore risks
  • See the impact of a newly quoted policy—or the projected impact of an impending catastrophe
  • Overlay simulated events such as earthquakes, wildfires, or floods onto geographic areas for pin-point risk modeling
  • Import and export data in a variety of formats
  • Save time on management and deployment

Integration with Sequel
If you license multiple Verisk products, between which information or data needs to flow, it is good to know that one of the key goals of the Verisk family is to facilitate that workflow and ensure seamless connections between those products.

We started with the  transfer of exposure from Impact into AIR’s catastrophe risk modeling platform Touchstone®. Typically, you’ll review the exposures of individual accounts as they come in for assessment to manage the exposure of the portfolio. Now you can pass that same data over to Touchstone at the click of a button. The Touchstone Data Transfer Service Pack, available on a client-by-client basis since 2019, enables an automation process that allows you to import files dropped into a specified folder and includes new conversion logic to translate Sequel Impact data into Touchstone-ready data for catastrophe risk modeling purposes.

This was a truly collaborative project between the AIR and Sequel teams that paves the way for future integration projects. Down the road we’ll offer our  clients in common such features as the display of loss modeling results back in Impact for a holistic pricing experience; integration with Sequel Rulebook; delivery of AIR’s proprietary hazard layers; and event footprints data available to licensees through Geospatial in Impact; and much more.

Seamless Enterprise-Wide Connections

But wait, there’s more. Consider a global multi-line company that writes both insurance and reinsurance with dozens of business units operating largely independently, each writing not just property but many other lines of business, with operations spread around the world. How would you be able to answer relatively straightforward questions that your Board of Directors might pose such as, “What’s our overall exposure in South Florida?” or “How much are we on the hook for if that typhoon makes landfall in Japan?”.

Companies such as this one would love to be able obtain a real-time, truly comprehensive view of their risk—one that spans all subsidiaries and includes all insurance portfolios and potentially thousands of reinsurance treaties across all lines of business. A view like that, based on detailed data, simply doesn’t exist today. And even if individual business units are monitoring their aggregation of exposures, the enterprise as a whole currently has no way to know if multiple entities are all exposed to the same risks.

We recently saw an example of this when Typhoon Hagibis was bearing down on the greater Tokyo area a little more than a year ago. A global, multi-line insurer found themselves with an unanticipated clash. As the typhoon’s nearly 100 mph (155 km/h) winds made it the worst tropical cyclone to hit Japan in 60 years and caused billions in insured property losses, this syndicate realized the event cancellation policy it had written for the Rugby World Cup was going to cost tens of millions more to cover the cancellation of England's match with France and New Zealand's contest with Italy.

To help, we’re bringing a new kind of intelligent analytics that spans the entire enterprise in a way never seen before using underlying data from a single trusted source—Verisk. We are integrating Sequel’s exposure management capabilities with AIR’s best-in-class analytics to bring to market a truly comprehensive solution for enterprise exposure management around the world and across all lines of business.

By enabling this type of real-time enterprise risk management, we can help you unlock new kinds of insights—to identify accumulation hot spots, make decisions on your exposure capacities, and actively manage your organization’s risk appetite. That’s the value Verisk can bring to the enterprise by creating innovative solutions at the intersection of insurtech, expertise, and data.

Gain competitive advantage with Sequel’s exceptional insurance and reinsurance software

Categories: Best Practices

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