The e-commerce insurance program administrator, Covenant Underwriters, is utilising Location Intelligence API from RMS to provide premium indications to its clients during the quotation process.
RMS Location Intelligence API offers location-level hazard, risk and loss metrics delivered directly into underwriting workflows.
Daniel Murray, Chief Underwriter at Covenant Underwriters, said, “Covenant has developed an API-powered rating algorithm that leverages big data and artificial intelligence to produce an instant price indication for any given address.
“Using an application programming interface (API) to integrate RMS knowledge and insight directly into the Covenant platform, enables our retail brokers to craft the winning terms during the quote process.”
Marisa Ruscitto, Managing Director at RMS stated, “The RMS Location Intelligence API enables users to benefit from a competitive advantage with real-time, location-level hazard, risk, and loss metrics. Using these metrics not only helps with risk selection but also pricing, screening, and referrals.”
“As underwriting workflows automate rapidly, an increasing number of industry leaders are adopting real-time underwriting processes and decision-making capability to quickly match risk to capital, and to better support their clients and their business.”
Location Intelligence API operates on trusted model data to help customize pricing for each policy, aiding in the avoidance of adverse selection and providing greater opportunities for dynamic pricing.
Location Intelligence API is available in multiple countries and covers key modelled perils like hurricanes, floods, earthquakes, wildfires, convective storms, and more.
