IRB Brasil Re selects Insurdata platform
- Cat modelling team subscribes to exposure data portal
- Focus on enhancing exposure accuracy, operational efficiency and reducing model volatility
- Insurdata Portal seamlessly integrated into day-to-day workflow
London, 19 August 2020 – Insurdata, the award-winning insurtech firm which specialises in the augmentation of peril-specific exposure and risk data via its exposure platform, has today announced that IRB Brasil Re (IRB) has licensed its Insurdata Portal.
IRB, the largest reinsurance company in Latin America and with an expanding presence in the international market, will use the platform to generate precise property geocode information across its global exposures. The company’s catastrophe modelling team will integrate the Portal into its daily risk assessment workflow, boosting the resolution of existing data in real time using Insurdata’s wide range of proprietary technologies.
Capitalising on the enhanced exposure information across both their Latin American and international portfolios, IRB aims to use the technology to increase operational efficiency significantly and benefit from more precise exposure data to drive increased accuracy of catastrophe modelling outputs and exposure accumulation information. The increased data precision will also serve to reduce overall model volatility.
Commenting on the announcement, Luis Brito, Catastrophe Modelling Manager at IRB, said: “We are very excited to be working with Insurdata as we look to enhance the resolution of the global exposure data which supports our underwriting, pricing and portfolio management decisions. That data quality will enable us to maximise the analytical potential of our catastrophe modelling, reduce the associated volatility of modelled outputs and boost our overall underwriting efficiency.”
Jason Futers, CEO, Insurdata, added: “The decision by a company of the scale and sophistication of IRB to adopt our platform is a fantastic endorsement of our technology and exposure methodologies. By enhancing exposure data, our aim is to give underwriters greater confidence in their modelled loss estimates leading to improved risk selection and portfolio management, and ultimately more accurately priced products and stronger balance sheets. We’re delighted to work closely with IRB to integrate our Portal into their data processes, ensuring they fully capitalise on the potential it creates.”