Opta Information Intelligence launches predictive analytic tool for the Canadian insurance marketplace

Opta Information Intelligence (Opta), a provider of Canadian property intelligence and technology solutions, introduced on Tuesday technology that embraces the industry trend toward predictive analytics, while “allowing insurers to take their commercial portfolio underwriting to a new level of sophistication.”

The launch new tool, called Commercial Peril Score, provides the ability to identify commercial properties more at risk for claims frequency and severity by geo-coded address, Opta explained in a press release. The product is designed to augment current information and processes employed by insurers to help them more effectively underwrite and rate properties by providing a better understanding of the risk as it relates to losses.

“Peril Score is a unique and powerful advanced analytics tool that measures the relative propensity to claim for a peril at a particular address and the estimated loss cost of the claim. It accurately predicts the likelihood and severity of water, fire, wind/hail, and crime loss by geo-coded property address,” the Markham, Ont.-based company reported on its website.

The tool can be applied by companies using their own internal data analytical models or as a turn-key, standalone solution for organizations who have not yet developed internal analytics, the company, Canada’s largest aggregator of property risk information, reported.

With Peril Score, insurers are “empowered to enhance the risk dissemination of underlying properties, improve rate precision and underwriting assessment/selection, implement better loss controls, and protect themselves from anti-selection,” the press release said. “Stay ahead in the race and utilize this exciting new product to gauge risk and profitability on a location by location basis,” said Opta president Greg McCutcheon.