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


April 14, 2015   by Canadian Underwriter


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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 tool helps identify properties more at risk by geo-coded address

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.

The tool can be used as a turn-key or standalone solution (Photo: Opta Information Intelligence)

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.