AGCS announces InsurTech JV
Written by staff reporter
Allianz Global Corporate & Specialty SE (AGCS) has announced a partnership with US-based analytics company, Praedicat to develop a model that better predicts catastrophe liability risks.
Praedicat’s modelling engine uses machine learning technology to scan large volumes of data from peer-reviewed science publications and profile the likelihood that products or substances will generate litigation risks over their lifecycle.
Asbestos, which caused insured losses of US$71bn globally until 2011 is one high profile example of such a man-made liability disaster.
“Forward-looking models will transform insurance underwriting. Through this collaboration we hope to change the core role of underwriters, freeing them up from the daily paper grind and empowering them to be data scientists,” says AGCS CUO Hartmut Mai. “Emerging risks are challenging to quantify for an insurer. But now, AGCS underwriters will be able to identify emerging liability catastrophe risks with increased confidence based on in-depth data.
Embedding these new tools into our underwriting process not only enhances the quality and efficiency of our decision making, it also allows us to be true partners for our corporate clients through improved risk identification, potentially far in advance of current screening approaches.”