Authored by – Jason Ling
In the dynamic world of insurance, managing exposure aggregations at specific geographic dimensions is crucial for effective risk management. Insurers face the ongoing challenge of understanding how new accounts impact their existing capacity levels. Delays in data and the difficulty of quickly comparing new business with the inforce portfolio can hinder this process. However, a groundbreaking solution available on the Snowflake Marketplace is set to change the game: Kipi Insurance DataHub – Marginal Aggregation Impact.
This innovative application allows insurers to assess and monitor real-time risk aggregation and concentrations. By leveraging Snowflake’s robust geospatial functions and storing the insured’s inforce portfolio within Snowflake, insurers can gain immediate insights into how new business will affect existing aggregation levels before committing to the risk. This capability is essential for underwriters who need to make informed decisions swiftly.
The application is designed with simplicity and efficiency in mind. Insurers can effortlessly enter details such as the city, county, state, and insured value of the new account, and select the table containing their inforce portfolio. With just a few clicks, the marginal impact is calculated, providing a clear view of the insured value impact across various regions. This includes critical areas prone to natural disasters like hurricanes and earthquakes, or high-risk zones such as those susceptible to terrorism.
Real-time assessment and monitoring of exposure impact empower insurers to manage aggregation levels more effectively. This proactive approach, with its instant insights, facilitates better risk management strategies, enhances underwriting decisions, and promotes a more diversified portfolio. Insurers can now stay ahead of potential risks, ensuring they maintain a balanced and well-managed exposure profile.
For insurers looking to further streamline their processes, there are options to automate the application, integrate it into existing quoting systems, or incorporate complex policy terms. Whether dealing with primary lines, excess and surplus, property, workers compensation, or specific risks like terrorism, this solution is versatile and comprehensive.
Interested in taking your risk management to the next level? Reach out to Kipi.ai to learn how this powerful tool can be tailored to your needs and implemented seamlessly into your operations. Embrace the future of risk management with real-time exposure impact analysis on the Snowflake Marketplace.
