Karen Clark & Company (KCC) has announced that P&C insurer American Family Group has licensed its full suite of US catastrophe models delivered through the RiskInsight open loss modeling platform.
The multi-year agreement includes the KCC models for hurricane, earthquake, severe convective storm, winter storm, and wildfire.
“We’re thrilled to be partnering with American Family, one of the country’s largest and most highly regarded insurers,” said Karen Clark, KCC chief executive officer.
“We’re looking forward to working with their diverse team of risk management, actuarial, modeling, and other technical experts who are well positioned to leverage the advanced capabilities of the KCC models and applications.”
“Effective catastrophe modeling practices require unique and valuable views of risk,” added Joseph Gates, American Family chief risk officer. “We value models that are rigorous in their scientific application and generate high-resolution loss estimates with complete spatial coverage.”
Mike Tine, KCC senior director, also commented on the agreement: “Along with the models, American Family will benefit from KCC’s daily Live Event support. For example, KCC’s advanced and automated processes provide hail and tornado/wind intensity footprints by 7 am ET each morning that American Family can use to monitor and manage daily claims activity. KCC also provides Live Event footprints, claims, and losses for hurricanes, wildfires, and winter storms.”
“For KCC, it’s not just about the models, but how we can continually add value to our modeling applications and our clients’ processes,” continued Clark. “KCC is also laser focused on the accuracy of the loss estimates and making sure our models are always up to date with respect to changes in the environment, including the climate.”
“We value full transparency on model components and continual innovation in the catastrophe modeling space,” Gates said. “Access to catastrophe modeling tools is one key input to effectively managing risk and serving our customers.”