Guy Carpenter has unveiled a new Philippines Flood Model. IVANS now has a product designed to provide insurers with premium benchmarks to support price optimization and increase win rates. CyberCube has started marketing a software-as-a-service application designed specifically for insurance brokers.
Guy Carpenter & Co. launched a new Philippines Flood Model.
The probabilistic model provides countrywide coverage and enables insurers to assess flood exposure, one of the most frequently occurring natural hazards in the region, according to Guy Carpenter, the reinsurance broker and subsidiary of Marsh & McLennan Cos.
It is based on a 10,000-year stochastic catalogue simulating both fluvial (riverine) and pluvial (rainfall) flooding, including the impact of typhoon-induced precipitation. The fluvial component of the hazard was developed using leading-edge hydrological and hydraulic modeling to simulate river discharges across the river network in the country, said Guy Carpenter.
The model was developed by incorporating data from a number of public and private institutions, including JBA, Intermap and the European Space Agency. It features up-to-date flood defense information resulting from a comprehensive survey of current mitigation projects, including those sponsored by the Japanese International Cooperation Agency (JICA).
IVANS, a division of Applied Systems, is now offering IVANS Benchmarks to provide insurers with premium benchmarks to support price optimization and increase win rates.
IVANS Benchmarks are artificial intelligence and machine learning-driven data insights on personal and commercial lines premium benchmarks. They’re designed to enable insurers to assess the competitiveness of their pricing against the range of industry premiums for similar businesses.
IVANS Benchmarks provides analysis in areas including market opportunity and competitive pricing.
Cyber risk analytics specialist CyberCube has started marketing Broking Manager, a new- software-as-a-service application designed specifically for insurance brokers.
Broking Manager is intended to facilitate quick and efficient client insight for both generalist and cyber specialist brokers. The product is built to help brokers quantify, understand, and explain to their clients, the sources and financial impact of cyber risk exposure.
Broking Manager is pitched as empowering brokers to instantly produce a cyber financial loss report on millions of companies, while providing rich information to help brokers articulate their clients’ cyber exposure. It does so by leveraging advanced models that draw on data from a large number of sources including behind the firewall and perimeter scan data, historical incidents and losses, and firmographic data.
The product offers a stream-lined approach to generating the financial exposure impact of client-specific security and business practices. Brokers can also leverage the product to educate clients on potential loss classes, recent cyber events, and benchmarking of cyber risks against peers.
Sources: Guy Carpenter, IVANS and CyberCube