Product category:
General insurance
News Release from: Experian | Subject: Insurance
Edited by the Insidemoneytalk Editorial
Team on 06 July 2007
Brit Insurance chooses Experian for a
better understanding of natural and
man-made risks
Brit Insurance, a major general insurance and reinsurance group, has signed up to Perils models from Experian.
Brit Insurance, a leading provider of commercial insurance products in the UK and a leading participant in the London Market for commercial insurance and reinsurance business, has chosen Experian for its geographical databases that provide insurers with data and analysis of such perils Developed by Experian in conjunction with major information providers, such as the Environment Agency, and in close consultation with leading technical consultancies and academic institutions, it is the only complete service of its kind on the market to help insurance companies manage and assess those risks that are beyond their control
This article was originally published on Insidemoneytalk on 29 Mar 2007 at 8.00am (UK)
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Paul Dilley, Underwriting Director for UK Property at Brit Insurance, said: "Year on year, Brit Insurance has seen positive results and our strategic goal is to continue to deliver shareholder value to help us achieve our goals in a dynamic market".
""Brit Insurance has long been committed to systems development and performance improvement.
We recognise that good risk management is an important source for gaining competitive advantage and we have committed ourselves to taking on more sophisticated techniques in order to achieve long-term growth in profits.
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In the past, we have used other similar services, but none were as comprehensive as the one provided by Experian.
"The Perils information we receive from Experian and the quality of its databases meet our needs and provide us with the ability to manage our risks more efficiently and effectively." Insurers use Experian's Perils data to help them with the following: Risk management - precisely quantifies the level of risk exposure for each hazard such as flood, subsidence or burglary at postcode unit level.
Claims analysis - assists in identifying fraudulent claims by providing analysis and validation of certain claims.
Underwriting - verifies pricing structures, as well as offers a strong indication of the technical rates that should be set for renewals or new business.
It also allows more accurate differential pricing down to postcode level.
Re-insurance - assists more accurate assessment of the amount of re-insurance cover required and identifies areas where the accumulation of exposure is significant.
Target marketing - links directly into Experian's consumer segmentation system, MOSAIC, for direct marketing activities to be targeted on the basis of potential profitability.
The postcode unit resolution of the perils data provides a powerful means of setting premium levels to reflect the potential risk.
David Murby, Managing Director of Experian's Insurance Services division, said: "Effective risk management is now recognised as playing a key role in helping insurers remain competitive in an increasingly challenging environment".
""Being able to assess and manage risks that are beyond the control of the insurer, such as climate change, which has led to more flooding and subsidence levels, and human capital loss, has become crucial.
"Experian has a wealth of experience in developing products and systems that meet the specific needs of the insurance industry, so we are delighted that Brit Insurance has chosen Experian's Perils models to help it maintain its competitive advantage.".
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