September 9, 2013 by Canadian Underwriter
AIR Worldwide announced Monday its next generation software platform, Touchstone, will include the ability to account for catastrophe and non-catastrophe risk in a single platform.
By adding non-catastrophe analytics, companies will be able to analyze their risk of property exposure using the same exposure data input for catastrophe modelling. Users can manage both in one streamlined workflow, the company explained.
“AIR can leverage the vast resources of Verisk Analytics, our parent company, as we expand the capabilities and functionality of Touchstone to meet the evolving needs of our clients,” said Ming Lee, president and CEO of AIR Worldwide.
“That expansion includes incorporating Verisk’s unique and valuable information into our modeling platform — such as ISO advisory prospective loss costs, and ISO’s Commercial Property Size-of-Loss Database (PSOLD), which includes more than one million severity curves that show expected loss for various policy limits.”
ISO’s loss costs and PSOLD will be integrated into Touchstone, and ISO non-catastrophe information for both insurance and reinsurance pricing analysis will be available, according to AIR.
They will also be combined with modeled catastrophe losses for a more comprehensive underwriting solution, AIR said.
Non-catastrophe risk is sometimes referred to as fire risk because fire is the dominant peril, according to AIR. Some others include lightning, explosion, vandalism, sprinkler leakage, fallen trees, and wind.
Within Touchstone, AIR says users will be able to perform the following non-catastrophe analyses:
“We envision that in future releases of Touchstone, companies will have the ability to add their own loss cost data for individual locations, both inside and outside of the U.S.; and to enter adjustments to loss costs based on their specific exposures,” Lee added.
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