Allianz Global Corporate & Specialty (AGCS), the corporate insurance carrier of Germany’s Allianz, is working with insurtech Praedicat to better predict the key catastrophe liability risks of the future.
By combining Praedicat’s forward-looking predictive modelling approach with AGCS’ underwriting processes and extensive liability risk portfolio analysis, the companies aim to identify the next generation of catastrophe liability risks for business customers far earlier than under current methods, according to a press release.
Praedicat is an insurtech analytics company based in Los Angeles. Its 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.
Using forward-looking data models in addition to historic loss data analysis and risk engineering assessments, AGCS liability underwriters globally will be able to better identify and assess future liability risks for industries or single companies, according to the statement.
Asbestos, which caused insured losses of $71 billion globally until 2011 (Swiss Re, Sigma No 02/2012), is one high profile example of such a man-made liability disaster, Allianz noted.
“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,” said Hartmut Mai, chief underwriting officer and board member, AGCS.
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Allianz Global Corporate & Specialty, Insurtech, Praedicat, US, North America