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As a trusted supplier of data services to this Leading Lloyds Insurer IDS was asked to support the Catastrophe Modelling Team to automate the process of importing data into their Risk Link Model and improve data quality.
The Catastrophe Modelling Team were receiving poor data quality, from 5 underwriting systems and the bordereaux from cover holders. The process of modelling the data was time consuming as the Risk Modellers had to reformat the data before it could be imported into their Risk Link Modelling System.
To start with IDS reformatted the property data from the underwriting systems into Risk Link by building new extracts. The interface resolves data quality issues through, de-duplication, address cleansing, occupation mapping and assigning country codes. This allow a greater number of risks to be imported into the Risk Link Model, allowing more to be geo-coded. Prior to our involvement many of the risks were excluded.
The IDS solution saves the Catastrophe Risk Modellers more than 10 days a quarter, dramatically improves data quality, allowing underwriters to make better decisions and resulting in releasing 2 million pounds worth of capital reserve.