Historically, insurers used 50-, 100-, and 500-year flood models for risk evaluation and pricing. The extreme weather events we have experienced in 2017 alone prove how dated these methods really are.
To better understand their customers and potential current/future liability claims, forward thinking insurers are monitoring, analyzing, and integrating external data sources in real time (weather feeds from USGS.gov, news and stock feeds, and satellite imagery, to name just a few). By integrating and injecting these new data sources into their risk models and underwriting, insurers are better able to identify their risk appetites and effectively price.
The session will include real-world case studies, including how a global P and C insurer is now quickly analyzing and monitoring 50,000 customers and targets, gaining new insights into the market. Another example is a global reinsurance and specialty company that now leverages digital news channels to monitor its risk portfolio for early warning claims indicators to help drive down loss costs.