Page 15 - Insurance Times November 2019

Munich Re looks for new Swiss Re enhances its online portal PULSE with catas-
possibilities in data trophe event notifications

analytics & AI for manag- With a new function that delivers real-time natural catastrophe event notifi-
cations to customers, Swiss Re Corporate Solutions
ing risk has recently has enhanced its online portal, PULSE.
Reinsurer Munich Re looks for data The new catastrophe notification function is pow-
analytics and ar- ered by EigenRisk, via EigenPrism APIs; it ensures
tificial intelli- each customer on the PULSE platform has the in-
gence as key formation they need at the right time, a release
tools to open up said. Swiss Re Corporate Solutions is also utilising the EigenPrism platform for
new possibilities exposure management, risk analytics, and real-time event response.
for managing and covering risk, and “Automated event alerts give the estimated impact for each customer within
for supporting insurers across the en- minutes of it occurring. Enabled in partnership with EigenRisk, this feature
tire value chain. “At Munich Re, our
bridges technology, data and risk-knowledge to add to our customers’ peace
goal is to pioneer digital solutions for
of mind,” explained Swiss Re Corporate Solutions head of natural catastrophes
the insurance industry,” said Doris
Stefan Wunderlich.
Höpke, Member of the Board of Man-
agement “So we have been investing “We’re delighted to collaborate with Swiss Re Corporate Solutions, and we are
excited to see our APIs enable the next generation of PULSE capabilities and
heavily in data analytics and artificial
intelligence, in order to support our the value it unlocks for customers,” added EigenRisk co-founder and president
clients with innovative methods and Deepak Badoni. EigenRisk and Swiss Re Corporate Solutions first announced
new products,” she said. their partnership at InsureTech Connect 2019, which took place just last month
in Las Vegas, NV.
The reinsurer stated that it is fo-
cused on combining primary insur- Lloyd's ties up with Habitat for Humanity Great Britain
ers’ portfolio data with external
public sources, such as site geogra- As part of the Lloyd’s ongoing response to emerging risks and the challenges
phy, building construction, weather, they pose to communities around the world,
or socio-economic status. Lloyd’s Charities Trust has recently launched a
new disaster resilience partnership with Habitat
Through the application of machine-
for Humanity Great Britain.
learning principles, the company
looks to discover hidden loss drivers The partnership will give a boost to a Lloyd’s
and respond with loss-prevention market wide approach to help fulfil Habitat for
measures or by adjusting pricing. Humanity’s goal of a world where everyone has
a safe and decent place to live. The partnership will focus on the joint vision
“This means faster claims estimates
and handling, and better pricing as to create braver and more resilient communities in climate risk areas.
a result of improved accuracy in risk Habitat for Humanity Great Britain is keen to utilise Lloyd’s and the
assessment,” Hopke continued. “Not (re)insurance sector’s expertise in natural hazard risk modelling and mapping
to mention better loss prevention in to help them develop new tools and models. In particular, expert advice on
the first place.” flood risk reduction strategies will enable the most vulnerable communities to

In the area of motor insurance, for build their capacity to successfully tackle flood threats. A key component of
example, Munich Re helps cedants the new partnership is funding a project in Malawi’s Chikwawa District that
to manage their portfolios using its was affected by severe flooding and devastation from Cyclone Idai in March
automated tool, ‘The Box’, which 2019.
relies machine learning to predict The project will analyse why certain communities choose to live in flood-prone
expected damage. By adding exter- lowland areas, and the best way to improve the resilience of these communi-
nal data to the mix, the loss esti- ties to future disasters. The report will help Habitat for Humanity and other
mates increase further in accuracy disaster response organisations respond to future disasters more effectively
and loss ratios can by measurably and will be applicable to other regions that are affected by similar natural
lowered, the company claims. disasters.

The Insurance Times, November 2019 15