Touchstone from AIR Worldwide can perform advanced analytics to help (re)insurers understand their risks and estimate the exposure to loss from extreme weather events
Damages caused by Hurricane Michael in the US in 2018. (Credit: AIR Worldwide.)
CNA, a commercial property and casualty insurance company in the US, has adopted Touchstone as its primary catastrophe risk modelling platform, developed by AIR Worldwide.
The agreement with AIR Worldwide will provide CAN with access to Touchstone on AIR Cloud as a secure alternative to on-premise deployment. AIR has also licensed CNA to use its Web Services to connect to its cloud infrastructure, achieve hazard and loss analysis output within seconds.
CNA aggregation and catastrophe management vice president Tom Stone said: “We are excited to leverage AIR’s powerful catastrophe modelling solution to support our multiple lines of business during the underwriting process.
“AIR has a track record of providing scientifically credible models and combined with Touchstone, this complete solution will provide us with more analytics to make risk management, pricing, and risk selection decisions.”
Touchstone APIs will now be integrated with CNA’s underwriting systems as part of its IT transformation effort. AIR will also support CNA’s newly created National Accounts line, using its data services to scrub and prepare submissions for quotes from brokers.
Touchstone is being used by more than 30 (re)insurance carriers
AIR’s Touchstone is claimed to be a total risk management solution, which can perform advanced analytics that insurers need to own their risk. Over 30 (re)insurance carriers have opted for AIR’s advanced modelling platform to better manage their catastrophe risks.
AIR Worldwide executive vice president Rob Newbold said: “CNA emphasized the importance of account modelling time and its impact on workflow efficiency.
“The ability of Touchstone to model multiple perils at one time, coupled with our powerful Web Services tools to help reduce manual steps such as data transformations and analysis setup, will help improve their overall productivity and integrate seamlessly within their large property and small/middle market underwriting systems.”
In February this year, AIR Worldwide estimated that the insured losses due to wind from Winter Storm Ciara-Sabine could range between €1.1bn and €1.9bn, the majority of which could be in Germany, France and the UK.