CR to analyse public and non-public financial data
Access America insurance and assistance services (Access America) has partnered with Standard & Poor’s (S&P) Risk Solutions to incorporate S&P’s Credit Risk Tracker (CR). The aim is to obtain more accurate risk information on travel supplier companies.
CR produces a one year probability of default (PD) predictor for evaluating risk within the hard-to-benchmark category of privately-held companies. It also helps underwriters expedite underwriting decisions and reduces the time and cost required for credit reviews, said the company.
Access America and its underwriting department would use CR to analyse public and non-public financial data from companies, on or being considered for the Covered Supplier List of its Access America Travel Insurance products.
David Bloom, Chief Underwriting Officer of Mondial Assistance, said: It is our hope that using Credit Risk Tracker will provide us with a more advanced tool to objectively analyse the data we require for effective risk management of the travel supplier industry.