Property, Commercial and Speciality re/insurer IQUW has entered a deal with catastrophe modeller Temblor to leverage its real-time seismic risk data in future pricing decision-making .
The California-based modeller’s platform is continuous with no borders or boundaries, providing IQUW with a single baseline to assess any risk.
Furthermore, Temblor is described as a way for IQUW to cut through local barriers and inconsistent data points by providing a global view that can be applied locally.
“Very few insurance companies use Temblor’s models to assess seismic hazard risks – IQUW is developing cutting-edge technology capabilities to inform their decisions and I am delighted they have selected Temblor to help inform their underwriting and pricing decisions” said Dr Ross Stein, Temblor Cofounder and CEO.
Dr Federico Waisman, Head of Underwriting Management at IQUW added, “I am pleased to partner with Temblor. Throughout my career I have been frustrated by the lack of data and high-quality modelling available to pricing and underwriters that support seismic risk decisions.
“Capabilities have been blunted by lack of real-time data, out-dated models, regional inconsistencies and government study biases that vendors fail to remove. By working with Temblor, IQUW can combine unique, machine learned data insights with human expertise to make fast, accurate decisions for our brokers and clients”
