Opta Information Intelligence and AON Partner to Deliver Unique Canadian Flood Model Solutions
March 15, 2016 by SCM Insurance Services
Toronto – Opta Information Intelligence (Opta), Canada’s largest property data aggregator and leader of innovative technology solutions, with Impact Forecasting, Aon Benfield’s catastrophe model development centre of excellence, are pleased to announce their partnership to deliver Canadian flood model solutions to help insurers better underwrite and manage their riverine and off-flood plain exposures. The model is unique in its spatial scope, geographical resolution, and state-of-the-art hydrological innovation; it covers areas representing 98% of the Canadian population.
Opta, creators of iClarify™ and Peril Score™ analytic solutions, are proud to expand their suite of services and innovations to the Canadian property and casualty (P&C) insurance industry. Opta will leverage this technology to provide its customers with the ability to quickly identify properties more at risk of flooding at any geo-coded address across Canada. Customers will have access to the most accurate flood risk exposure in the Canadian marketplace. Opta has assessed Impact Forecasting’s probabilistic model and confirmed its accuracy and strength for accessing flood hazard information for real-time quotes.
“I can say with confidence, after a very thorough validation process, that the Impact Forecasting fluvial model predicts flood risk with a high level of accuracy,” began Greg Gilbert, Opta’s Chief Data Scientist. “The partnership will help provide carriers with immediate real-time flood hazard assessment, at time of quote or new business, through iClarify™.”
“Until now, insurance companies had to create lengthy IT projects and make changes to integrate and access flood hazard information for real-time quotes. We are committed to providing easy access to accurate risk information, and offering Impact Forecasting’s flood model through iClarify™ accomplishes that. The industry is changing quickly and demanding real-time access to offer flood coverages. They needed a complete solution and we knew we could deliver.”
iClarify™ currently delivers thousands of property information queries daily to customers across Canada and is accessed by over 90% of Canadian insurance companies for new business quotes and policy issuance. Data attributes include detailed construction features, valuations, rooftop geo-spatial information, streetscape and satellite imagery, Fire Underwriters Survey® protection grades, and Peril Score™, Opta’s powerful analytics tool that accurately predicts the frequency and severity of water, fire, wind & hail, and crime loss by geo-coded property address.
“As the largest aggregator of property data in Canada, Opta is uniquely positioned to provide the industry with innovative solutions that streamline operational efficiencies and improve overall profitability,” said Greg McCutcheon, President of Opta.
The Impact Forecasting flood model – the first commercially available probabilistic model for Canada – was built using more than 40 years of data for more than 1,500 hydrological stations, plus damage functions based on historical claims information. This flood model can be used for individual location level underwriting, new product design, accumulation management and portfolio level analysis.
“Combining the strengths of Impact Forecasting’s model, Opta’s iClarify™ platform, and access to individual location information marks a new era of flood risk management in Canada,” states Adam Podlaha, Head of Impact Forecasting. “We will continue to enhance the flood hazard assessment offering in Canada by capitalizing on Opta’s accurate and large individual property features and Impact Forecasting’s flood model development capabilities to become unrivalled in the market.”
For more information on Opta’s suite of products and services, please visit http://www.optaintel.ca/ or contact:
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About Opta
Opta Information Intelligence is Canada’s largest aggregator of property risk information and leading provider of property intelligence and innovative technology solutions for insurance and corporate industries. Opta helps you access, understand, and synthesize previously inaccessible information, turning it into intelligence that helps to discover and understand business risks. Visit www.optaintel.ca.
About Impact Forecasting
Impact Forecasting is Aon Benfield’s catastrophe model development centre of excellence whose seismologists, meteorologists, engineers, mathematicians, finance risk management and insurance professionals analyse the financial implications of natural and man-made catastrophes around the world. Impact Forecasting’s experts develop a suite of probabilistic and scenario models, plus its transparent and customisable ELEMENTS loss calculation platform. These empower insurers and reinsurers to understand the impact of global risks ranging from hurricane, earthquake and flood to tsunami, cloudburst and terrorism. To find out more about Impact Forecasting® LLC, visit www.impactforecasting.com.
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