Commonwealth Insurance adopts EQECAT platform

Commonwealth Insurance Company, a Canadian-based insurance company, has signed a licensing agreement to create an integrated catastrophe management system using EQECAT’s WORLDCATenterprise(TM) platform and XML interface technology.
Financial terms of the agreement were not disclosed.
“To give our underwriters the most up-to-date technology in selecting the appropriate risk and delivering superior service to clients, we sought an efficient automation process that quickly organizes certain tasks for cat modeling efforts,” Bruce Gregg, the chief information officer for Commonwealth Insurance Company, said. “EQECAT’s XML interface and state-of-the-art risk modeling more than met those criteria.”
EQECAT’s WORLDCATenterprise(TM) platform can be accessed through its standard user interface or Extensible Markup Language (XML) technology. The XML interface technology enables companies to fully automate the catastrophe modeling process by directly accessing the software’s analysis engines over a network without going through the standard user interface.
The accuracy and speed provided through EQECAT’s XML interface helps clients effectively drive revenues, reduce costs in various operational areas, and provide timely and collaborative use of essential catastrophe modeling information, EQECAT says.
“We are pleased that Commonwealth Insurance Company has decided to license EQECAT’s WORLDCATenterprise platform and utilize our XML interface technology,” says EQECAT president Rick Clinton. “We view automation of the catastrophe modeling process as the next step in the evolution of modeling, since it improves efficiency and enhances the ability of companies to incorporate catastrophe modeling directly into their underwriting process.”
Commonwealth Insurance writes business on an excess and surplus lines basis in 44 U.S. states.