Boston — Commercial insurance wholesale broker Napco LLC is expanding its use of the catastrophe management application CATStation to assist its clients with their catastrophe underwriting decision-making and portfolio management.
“We rely on AIR model results to negotiate the best possible contract terms and conditions on behalf of our clients,” says Ravi Singhvi, assistant VP, risk modeling, at Napco, Edison, N.J. “With CATStation, we’re able to analyze risks using the same high-quality hazard and loss information used by insurers and retail brokers.”
Developed by Boston-based AIR Worldwide Corp. (AIR), CATStation is designed to provide the flexibility wholesalers, retailers and insurers require in one easy-to-use catastrophe management application. Napco uses CATStation to seamlessly combine exposure concentration analysis, hazard analysis and policy-level loss analysis into a single Web-based solution. Based on an in-depth evaluation, Napco chose CATStation as its sole application for analyzing their clients’ catastrophe risk.
“AIR's CATStation allows us to simplify our workflow by bringing critical data elements together in a single, easily configured report,” Singhvi says. "For example, we can now provide our clients with information on how much each location contributes to the overall policy from a loss perspective, as well as whether each location meets such criteria as distance to coast or soil type."
“Wholesale brokers like Napco operate in a very competitive business climate and rely heavily on the information provided by catastrophe models,” says Bill Churney, VP at AIR Worldwide. “AIR scientists and engineers actively participate in the global scientific community to ensure that AIR models reflect the collective body of scientific thought and research. As a result, AIR's models enable Napco to provide their clients with more stable and consistent information over time.”
Three of the top five U.S. wholesale brokers rely on AIR models and software to enhance the value they provide to their clients, reports AIR Worldwide.
Source: AIR Worldwide Corp.
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