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Enhancing Catasrophe Modelling for a Leading Lloyds Insurer

Improving Data Quality for Catastrophe Risk Modelling

IDS set up integration routines to import data from numerous insurance systems and improve data quality for the catastrophe risk models of a leading Lloyds Insurer client. This allowed the Insurer to release £2m worth of capital reserve. improving the business process efficiency for the Catastrophe Risk Modellers and gave the Underwriters the confidence to make more informed decisions in assessing risk.

IDM helped the Catastrophe Modelling Team by developing data extracts to import data in the right format from data 5 Underwriting systems and the Bordereaux from coverholders. Data quality included de-duplication, address cleansing, occupation mapping and assigning country codes.

This greatly improved the efficiency of the business process. The process of modelling the data was previously time consuming as the Risk Modellers had to reformat the data before it could be imported into their Risk Link Modelling System. Thus, saving the Catastrophe Risk Modellers more than 10 days a quarter and enabling the underwriters to make better decisions.

Enabling a greater number of risks to be imported into the Risk Link Model, and allowing more to be geo-coded.  This gave the insurers Exposure Management team the security to release £2m worth of capital reserve. Prior to IDS's involvement many of the risks were excluded. The data quality improvements also support Underwriters in confidently making more informed decisions when underwriting risk.


About the author

Cheryl Flynn has been the Sales and Marketing Director of the company for the past eleven years.