The Hartford debuted a new risk management information system to help large commercial customers at highest risk for loss. Two divisions of Sompo Holdings are launching a natural catastrophe risk model for north-west Australia offshore oil and gas installations. AXA created a new business unit dedicated to customer innovation and new business models.
The Hartford released a new risk management information system (RMIS) to address the evolving data needs of its largest commercial customers who are most at risk for loss.
The new system – TREO (Track Risk. Explore Opportunities) – was designed to simplify claims management by providing more data and analysis with fewer clicks to help risk managers better understand the risks for their business and identify cost.
According to Ross Fisher, head of The Hartford’s Specialty Commercial businesses, the new risk management information system allows the insurer’s customers to focus on the areas that have the greatest impact to ultimately help lower the cost of risk for their business.
Some of the key features of The Hartford’s enhanced RMIS platform include:
- A single stop and easier access to billing, claims and program data;
- Customizable reports, dashboards and email alerts;
- Service requests that allow changes to be made to a policy without a phone call; and
- Accessibility on a laptop or a tablet.
Sompo Japan Nipponkoa Insurance Inc. and Sompo Canopius AG are launching a natural catastrophe risk model for north-west Australia offshore oil and gas installations.
The model development was carried out by Sompo Risk Management & Health Care Inc., which provides analytics and model development within the Sompo group.
The model contains three elements:
- A hazard module, which stochastically evaluates wind and wave levels;
- A vulnerability module, which computes the potential level of damage a storm could cause
- A financial module, which drills down to the losses that exploration and production property could sustain and applies insurance coverage to them.
These three elements deliver a comprehensive resource that can be used in underwriting, the design of terms and conditions, risk evaluation and assessment of appropriate levels of cover, reinsurance or capital needed, the company added.
AXA created a new business unit dedicated to customer innovation and new business models.
The new business unit will consolidate AXA’s initiatives aiming at expanding the value chain of insurance services by leveraging new technologies as well as the group’s “innovation ecosystem,” the company said in a statement.
It will operate on a global level with dedicated resources, including existing ventures such as AXA Partners, AXA Next and AXA Strategic Ventures, the company added. It will also allow the development of new business propositions aligned with AXA’s 2020 strategy.
Joyce Phillips will be CEO of the new unit and also a member of the management committee of AXA Group. She will report directly to Thomas Buberl, CEO of AXA.
Sources: The Hartford, Sompo Japan Nipponkoa Insurance and AXA.