Insurance technology provider Business Insight announces that Plum Underwriting, the specialist and non-standard household insurance managing general agent, which is part of Global Risk Partners Limited (GRP), has chosen their newly launched risk mapping tool ‘Location Matters‘© and geographic classification model ‘RESONATE‘© to enhance its risk selection and customer analytics capabilities.
Read press release here: Press release 12 April 2016 Plum Underwriting
Europe-based Groupama Insurances has invested in Freeze Insight, a new computer model that predicts the relative risk of freeze related claims across the UK.
Freeze claims in the UK during the winter of 2010/2011 are estimated to have cost the insurance industry £1.4bn.
The model has been developed by technology firm, Business Insight, and is based on 100 million historic temperature records, 26 million properties and 1.7 million postcode locations.
Read Article here: Groupama Insurances select Business Insight’s Freeze model
Ecclesiastical Insurance Group has licensed a new computer model from technology provider Business Insight that predicts the risk of subsidence claims being incurred across the UK.
Read more here: Ecclesiastical adopts new subsidence risk model
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
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