Are insurers better at understanding risk than banks? We’d argue yes. Banks tend to use scenarios to stress test their portfolios, but history has shown that many stress tests underestimate the severity and frequency of catastrophic events (natural or man-made). The recent downfall of SVB with other banks also looking vulnerable comes only 15 years after the last banking crisis in 2008. Insurers use smart models, multiple sources of data and a good dose of commonsense overseen by regulators not afraid to step in when needed. Not sexy, just solid.
PODCAST: Your gateway to global geospatial data - Podcast 235
Join Matthew Grant as he speaks to Rachel Olney, Founder and CEO of Geosite, as they cover topics including how insurers, governments and others know which information is the most reliable to use when using data, how to deal with the uncertainty and sometimes conflicting opinions and top tips for founding a company.
DIGITAL EVENT: Property Intelligence - understanding and managing natural hazards, 30 March, 2.00pm GMT
With the launch of our latest report, Matthew Grant and Ali Smedley will be discussing catastrophe models, hazard data, risk mitigation and what has changed since InsTech's first location intelligence report in 2021, with speakers from Gamma Location Intelligence, EigenRisk and JBA Risk Management.
BREAKFAST EVENT: HazardHub from Guidewire – plugging your property data gaps, The Ivy City Garden, 19 April, 8.30am GMT
Join Matthew Grant and HazardHub founder Bob Frady to learn more about HazardHub’s dataset of 1,400 attributes and how it was built. We will be reviewing the use of risk profiles to optimise portfolio performance and detailing how to build underwriting guidelines.
Descartes Underwriting and Previsico: using IoT to manage and transfer commercial flood risks
Paul Jones, Business Development Director at Descartes Underwriting and Dr Andrew Pledger, IoT Systems Manager at Previsico, spoke to InsTech’s Henry Gale. They discussed how flood risk affects commercial properties and how to manage and transfer flood risk with forecasting and sensor technologies and parametric insurance.
In conversation with Duck Creek: Accelerating the speed to market for embedded product development
InsTech’s Tara Allsopp joined Andrew How, Senior Sales Director at Duck Creek, to discuss embedded insurance. Topics include how to create, release and modify insurance products, the impact of the personalisation on embedded insurance and the growing use of embedded insurance in new areas in personal and commercial coverage.
Descartes Underwriting assists African Risk Capacity Group in new multi-year agreement
The Government of Djibouti has announced a new multi-year deal that will see ARC Group providing disaster insurance for two of its most prevalent hazards - drought and excess precipitation supported by parametric insurer Descartes Underwriting.
OTONOMI partners with Greenlight Re to launch new platform
US-based, OTONOMI has partnered with reinsurance company Greenlight Re Innovations to act as a platform provider for a parametric cargo insurance program.
hyperexponential announces partnership with Inigo Insurance
Software development and analytics company hyperexponential is working with Inigo Insurance to develop new insurance models and flexible solutions.
ZestyAI launches AI-powered pre-fill data product
ZestyAI, known for its Z-FIRE model, has announced the launch of California Compliance Pre-Fill, a way to enable insurers to comply with regulations from the California Department of Insurance (CDI).
RightIndem and Imburse partner to extend claims automation
RightIndem and Imburse have partnered to integrate their technologies for claims management and payment systems.
Concirrus partners with Applied Underwriters
Concirrus, a provider of real-time data and analytics for specialty marine and commercial automotive insurance has announced its partnership with Applied Underwriters.
VIPR and AdvantageGo announce strategic alliance
VIPR will bring its experience in providing comprehensive data management and analytical solutions to enhance AdvantageGo’s underwriting workbench ecosystem.