Services
Reinsurance
The primary reason for an insurance company to purchase reinsurance is to reduce its exposure to risk.
Submission and Quote generation
Once the submission is received, the insurance company will evaluate the information provided and generate a quote for coverage.
Claims Settlement
The claims settlement process involves investigating claims, assessing damages, and making payments to policyholders to compensate them for their losses.
Submission Ranking
We offer a "submission ranking" service, which involves the evaluation and prioritization of applications for insurance coverage submitted by potential customers. As insurers typically receive a high volume of applications, each submission needs to be assessed to determine the level of risk involved and the appropriate premium to charge.
Our submission ranking process utilizes algorithms and statistical models to evaluate various factors such as the type and location of the property, previous insurance history, property value, statistical data of the applicant, requested coverage level, and claims history. This helps us to identify the most promising applications and prioritize them for further evaluation.
The ultimate objective of our submission ranking service is to maximize profitability and minimize the risk of claims by focusing resources on the applications with the highest potential for success. However, the specific criteria used for submission ranking may differ from one insurance company to another, depending on their individual policies and the nature of the property being insured.
Risk Meter
Our service is utilized to assess the level of risk associated with a specific property or location, which is then used to determine the appropriate premium to be charged for insurance coverage. We employ a variety of methods to evaluate risk in insurance, including analyzing factors such as the type and age of the property, its construction materials, location, proximity to natural hazards such as flood or earthquake zones, and more.
To obtain information about a property's history of claims or other risks, we use third-party data sources such as public records. A "risk meter" is a software or tool that consolidates all of this information to calculate a risk score or rating for a particular property.
The score we obtain from the risk meter is then used to determine the premium for the insurance policy. However, it's essential to note that the specific methods and criteria used to evaluate risk can vary widely between types of insurance, and there is no universal system or standard "risk meter" for assessing risk in the insurance industry.
