Business Insight estimates freeze related property claims will exceed £200 million in 2010 based on work carried out in constructing its new computer generated Freeze Insight model.
Burst pipe claims during freezing spells are a major source of loss to the insurance industry and in 2010 there was a surge in claims in the first quarter as the UK experienced its coldest winter for 40 years.
Read more: Press Release – Freeze related property claims likely to top £200 million in 2010
Fortis Insurance UK, now called Ageas, has invested in a new suite of computer models from technology provider Business Insight that are designed to predict the relative risk of claims for a number of insured perils across the UK.
Read more here: Insurance Age Article
Business Insight has hired Dr Christine Donovan as a Senior Analytics Consultant to support the development of the Perils Insight risk models.
Christine is a highly experienced analytics specialist and previously worked for CACI in a senior consulting role and before that in a number of senior roles at blue chip companies. She has a PhD in Statistics and has an in-depth knowledge of analytical modelling within the financial services sector.
Read more here: Press Release – Business Insight hires Senior Analytics Consultant 040510
Business Insight is strengthening its team following a period of strong sales growth over the last 12 months.
Stuart Hanagan has joined the Business Insight team as a Business Development Consultant having previously worked for Experian’s Insurance team promoting underwriting, claims and marketing solutions and prior to that at Zurich Financial Services in an analytical role. Stuart will be responsible for supporting sales of ‘Perils Insight’ databases and ‘Premium Insight’ software.
Read more here: Press Release – Business Insight hires Business Development Consultant 160410
Allianz Commercial has licensed a new suite of computer models from technology provider Business Insight that predict the relative risk of fire claims being incurred due to Arson or Accidental causes across the UK.
Fire Insight is an innovative computer data model that predicts the relative risk and variation of deliberate and accidental fires in commercial and residential property across the UK.
Read press release here: Press Release – Allianz Licence Business Insight Perils Models March 2010
Mark Harrison, MD of Business Insight, looks at the implications of Government’s plans for the National Address Gazetteer (NAG) database to be supplied via a two-tier system – free for the public sector to use but the private sector will be face charges to use the data.
Read article here: Post_Mag_article_8-9-11
Open GI and Business Insight have developed a new tool ‘Premium Insight©’ to enable insurance providers to compare the competitiveness of their rates.
By simply inputting risk information into the Premium Insight© software, insurers, underwriters and wholesale brokers can benchmark their products against those hold within the Open GI quote engines and make modifications to improve profitability.
The software applies to motor, home, bike and commercial vehicle business and is available for UK and Irish insurance providers. The comprehensive reporting functionality is ideal for those wishing to track price movements to ensure they remain competitive and test the viability of new products prior to going live.
Read Press release here: Open GI and Business Insight Press Release 130209
Hiscox has licensed a new computer model from technology provider Business Insight that predicts the relative risk of theft across the UK.
Theft Insight© is an innovative and powerful probabilistic computer model giving a highly detailed perspective into the distribution of theft risk across the UK. It is based on extensive research into crime patterns, using the latest available information, and takes account of the changing economic landscape of the UK to identify areas most likely to experience a deteriorating theft loss ratio.
Theft Insight© allows Hiscox to enhance their existing view of high and low risk areas and adjust their underwriting policy to manage theft claims frequency better. It also provides insight into postcodes where Hiscox has little or no claims data, allowing them to tune their underwriting in all areas.
Read press release here: Press Release – Hiscox Licence Theft Insight Model August 2009