A starring role
The advancement of technology has significantly boosted efficiency and accuracy for many insurance businesses by increasing the level and detail of data analytics that can be used.
For Technical Risk Underwriters (TRU), a specialty underwriter of insurance products for complex property and construction risks, better technology has helped the company to precisely analyse risk exposures for clients and to retain its leading position in the market.
“Back in the day everything was done by looking at locations on maps and keeping track of the concentration of exposures on index cards, but today geographic information system (GIS) software and digital mapping, etc, allow you to fully understand certain types of exposures that exist that might not have been quantifiable decades ago,” says Mike Pilla, CEO of TRU.
Pilla explains that along with detailed risk models, software has helped to keep track of exposures, allowing a more detailed underwriting style, and pricing tailored to a particular client’s operations.
“The data analytics helps to drill down into the risk exposures to a particular client at any point in time, as well as their aggregate exposures,” he says.
