KAREN CLARK OFFERS NEW CAT MANAGEMENT REVIEW
Karen Clark & Co., Boston-based independent experts in catastrophe risk, catastrophe models and catastrophe risk management, announced the introduction of a new service, "Thinking Outside the Black Box" Catastrophe Management Operational Review. The review provides a comprehensive examination of a company's use of catastrophe models, and the integration of catastrophe loss analytics into risk management operations.
Catastrophe models have become an essential component of the risk management process of most insurers. Many companies, however, don't fully understand the uncertainty inherent in the models, or how to best utilize the models in light of this uncertainty.
The catastrophe management operational review helps insurers develop better and more holistic risk assessment and risk management processes, the company says. It addresses the essential components of sound catastrophe management, including data management, catastrophe modeling, underwriting, pricing and risk management.
Among other benefits, the review is designed to help insurers determine whether they can:
* Accurately collect information pertaining to the exposure associated with new business
* Utilize appropriate and robust analytic tools as applied to their book of business
* Effectively use underwriting processes to accept business and control aggregate exposure
* Properly reflect catastrophe exposure in the development of rate indications and rating plans
* Appropriately reflect catastrophe exposure in determining target levels of profitability.
PITNEY BOWES BUSINESS INSIGHT OFFERS LEGACY MIGRATION SERVICE
Pitney Bowes Business Insight, a Troy, N.Y.-based provider of data quality and location intelligence solutions, reports the availability of its Customer Communications Management (CCM) Legacy Migration Service and import utility tools.
The products and services are designed to help property/casualty insurance companies efficiently and effectively move their legacy applications to Pitney Bowes Business Insight's next-generation CCM technology.
Pitney Bowes Business Insight's CCM Legacy Migration Service involves a five-step conversion process designed to speed conversion times and reduce costs while concurrently ensuring the quality of clients' communications.
To start the process, Pitney Bowes Business Insight maps out a client's current CCM landscape including policies, claims, agent correspondence and collects existing document samples as well as assembly rules and existing data materials, according to the company.
From these design artifacts, the document architecture and customized conversion solution can be defined. The team will then define and prepare test cases, and implement a pilot project to validate the new document architecture and customized process and make adjustments as necessary to ensure an easier transition for future conversion efforts.
Its proven process utilizes an easy-to-use batch import utility tool to speed conversions and improve overall quality of the result, according to the company.
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