Karen Clark & Company (KCC) unveiled the R14 update to its RiskInsight open loss modeling platform, an improvement designed ease customization.
The catastrophe modeling software and consulting company said the changes include enhanced global mapping capabilities, more detailed and interactive underwriter and CEO dashboards, and more advanced model-building tools.
KCC asserts that R14 will enable insurers and reinsurers to build hurricane and earthquake models anywhere in the world, allowing them to add custom event catalogs and damage functions appropriate for specific peril regions. Additionally, RiskInsight’s model-building tools (HazardMapper and DamageRatesManager) are improved, KCC said, so the user can more easily build high resolution probabilistic catastrophe models that reflect their own knowledge, expertise and views of risk.
The offering – dubbed CyberClaims911 – handles cyber coverage elements including first to third party coverages such as incident response, business or network interruption and liability exposures.
As IDT911 explains, the serve is designed for carriers just entering the cyber insurance space or looking to reduce claims, handling costs and inefficiencies.
IDT911 offers services to help businesses and their customers deal with data breaches and identity theft.
They recently announced their join underwriting agreement enabling the new product launch, which will add to QBE’s Specialty Programs unit.
QBE Specialty operates the Specialty Programs unit, which partners with MGA/MGU program administrators to underwrite management liability and professional lines for trade associations and affinity groups.
Sources: IDT911, Karen Carpenter & Co., QBE North America