Insurers can calculate the likely loss to the company if a disaster occurred in an area where they had cover for multiple classes of business
A new software has been unveiled that allows insurers to calculate in minutes the financial impact of a terrorist incident or an earthquake on their business.
The Sequel Impact application allows the underwriter to use a mapping system to assess in real time multiple classes of business and perils simultaneously.
It will also enable insurers to see the different types of cover they have across the world, to help them guage the risk involved in insuring a new client.
Graham Pickard, an aggregation manager at Sequel, the insurance and reinsurance software specialists, explains that previous software in the market usually only allowed an underwriter to assess one single business or peril at a time.
The software also handles events from storms and hurricanes through to terrorist incidents or earthquakes.
If a disaster occurs in an area where the insurer has a number of properties it can calculate the expected exposure and likely loss that will be incurred by the company. (Pictured – a Japanese earthquake scenario created on Sequel Impact software)
Pickard said: “It’s good for the insurance companies to see they have that information available to them and it instils confidence in their stakeholders.”
When the system is initially set up, it pulls all the information about the individual insurance company into one place and allows the underwriter to access the data anywhere and anytime on a phone or tablet.
“For the first time, in real time and graphically represented, insurers have a clear view of their risks,” Pickard added.
“Sequel Impact represents a new and powerful way of working in the insurance marketplace.
“It saves time and it saves money and it avoids having to take on unnecessary risks.
“What used to take days can now be done in a matter of minutes. The software is intuitive and it’s easy and quick to set up. It’s a major contribution to the insurance industry.”
Sequel says it received a significant amount of input from insurers to assist it in creating the tool, which has taken about two years from conception.
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