Insurtech firm, Insurdata has announced that Brazilian reinsurer IRB Brasil Re will be using its Insuredata Portal.
IRB Brasil Re will use the platform to create property geocode information across its global exposures.
The company’s catastrophe modelling team will integrate the Portal into its daily risk assessment workflow, boosting the resolution of existing data in real time using Insurdata’s proprietary technologies.
Capitalising on the enhanced exposure information across both their Latin American and international portfolios, the reinsurer aims to use the technology to increase operational efficiency significantly and benefit from more precise exposure data to drive increased accuracy of catastrophe modelling outputs and exposure accumulation information.
Additionally, the increased data precision will serve to reduce overall model volatility.
Commenting on the announcement, Luis Brito, Catastrophe Modelling Manager at IRB, said: “We are very excited to be working with Insurdata as we look to enhance the resolution of the global exposure data which supports our underwriting, pricing and portfolio management decisions. That data quality will enable us to maximise the analytical potential of our catastrophe modelling, reduce the associated volatility of modelled outputs and boost our overall underwriting efficiency.”
Jason Futers, CEO, Insurdata, added: “The decision by a company of the scale and sophistication of IRB to adopt our platform is a fantastic endorsement of our technology and exposure methodologies. By enhancing exposure data, our aim is to give underwriters greater confidence in their modelled loss estimates leading to improved risk selection and portfolio management, and ultimately more accurately priced products and stronger balance sheets.
“We’re delighted to work closely with IRB to integrate our Portal into their data processes, ensuring they fully capitalise on the potential it creates.”