Commercial property managing general underwriter (MGU) Ventus Risk Management has announced a new partnership with HazardHub, a U.S provider of location-based hazard information.
Ventus hopes to use HazardHub’s geospatial property risk databases to improve its risk selection and analysis, allowing it to better underwrite and manage catastrophe-exposed insurance risk.
Stuart Mercer, President of Ventus, commented on the announcement: “At Ventus, we use technology to enhance the underwriting process.”
“HazardHub shares our mission by providing highly-detailed, location-specific data via an API,” he added. “They’re accurate, fast and flexible. We’re looking forward to an excellent partnership.”
Within its proprietary underwriting platform, Ventus Insurance Knowledge Interface (VIKI), Ventus interfaces with third-party sources and proprietary algorithms to enrich and validate property data, storing it in a schema for use in pricing analysis and modelling.
“I am incredibly excited to work with HazardHub,” said Bryan Adams, Vice President of Analytics and Technology for Ventus. “We’ve evaluated and analyzed the output of their data and found them to be a great partner for us to work with. They combine excellent data with a fast API that allows Ventus to build an ever-better platform.”
Bob Frady, CEO of HazardHub, also stated: “HazardHub has worked diligently to bring both high-quality data and outstanding technical flexibility to the commercial and personal insurance world.”
“A year ago, we sat down with Stuart and told him our plans,” Frady continued. “Ventus put us through our paces – we are very excited that Ventus has selected HazardHub as their data provider.”
Established in 2015, Ventus is currently focused on writing coastal coverage for all catastrophe perils across the U.S, leveraging its VIKI technology platform to drive underwriting efficiency and risk analysis.
