Opta launches property-specific peril-based scoring tool

Opta Information Intelligence has launched a new peril-based scoring tool, aimed at determining the relative likelihood and severity of claims at a property location.

Peril Score makes its predictions for specific perils and translates that into a combined total loss-cost estimate and normalized score. The tool uses Opta’s location-specific data assets and uses what the company says are advanced predictive analytics.

The offering’s early release comes after many in the property and casualty industry discussed the increased frequency and severity of property losses at the recent National Insurance Conference of Canada in Gatineau, Que.

“Opta has more detailed property-specific risk information than any other company in Canada, helping to predict the likelihood of a loss,” Greg McCutcheon, Opta’s president, noted in a statement. “The Peril Score tool is designed to help insurers identify properties that are more at risk for specific loss perils.”