AIR Worldwide launched its risk assessment solution, TruExposure data solutions, available as both a consulting service or in software format. The solution set is designed for use with AIR’s software program, Classic/2, released in March.
The company said the program has three main functions of risk data assessment:
• Validation – Determines the “completeness and reasonability” of data location
• Benchmarking – Exposure data comparison with industry averages, relating to value, construction, occupancy and market share in given geographical regions
• Augmentation – Replacement cost estimates when data is nonexistent or of a questionable source
AIR’s program offers users TruExposure Data Quality Report, which the company says encompasses the risk data assessment—validation, benchmarking and augmentation—and also leverages two sources the company says are unique, including the U.S. industry exposure database, and TruExposure property-specific data.
“Enhancing the quality of exposure data used for catastrophe analysis has been identified by most insurers and reinsurers as a top priority since Hurricane Katrina,” said Uday Virkud, P.E., EVP. “Ideally, high-quality exposure data will be captured during the insurance underwriting process and propagated through the risk transfer chain. As the industry strives to reach this goal, AIR has launched TruExposure to help insurers and reinsurers assess and enhance exposure data efficiently and cost-effectively.”
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access