Oakland, Calif. - Canadian-based Commonwealth Insurance Co. will use an enterprise platform and XML interface technology from EQECAT Inc., Oakland, Calif., to create an integrated catastrophe management system, the companies report. EQECAT is a provider of analysis tools and methodologies that quantify insurers' and major corporations' exposure to natural and man-made catastrophic risk.
"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," said Bruce Gregg, chief information officer, Commonwealth Insurance.
EQECAT's WORLDCATenterprise platform can be accessed through its standard user interface or XML technology. The XML interface technology enables companies to automate the CAT modeling process by directly accessing the software's analysis engines over a network without going through the standard user interface. EQECAT's CAT modeling software platform incorporates scientific and engineering research, as well as real-world experience as reflected in insurance claims data from recent global perils.
Commonwealth Insurance, in business since 1950, is eligible to write all classes of commercial property, casualty (Canada Only), energy and marine business on an excess and surplus lines basis in 44 U.S. states, and the District of Columbia.
Source: Business Wire
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