Room Solutions has developed the first risk exposure management solution to provide fully integrated aggregated assessments for both marine and non-marine commercial insurance.
The commercial software provider's Exact Advantage product has been created to provide a new range of capabilities to the underwriting community. The product will allow underwriters to analyse their products' exposure to windstorms, earthquakes and terrorism events.
Dr Ameet Dave, Room's commercial director, said: “During recent years the frequency and intensity of both man-made and natural catastrophes have increased. With this trend set to continue, it was clear that more effective and efficient ways of assessing total exposure to such events across multiple lines of business would be invaluable in shaping insurance and reinsurance portfolios.
“The development of Exact Advantage was undertaken to provide a new generation of capabilities for rapidly calculating and presenting the potential impact of severe events. For example, underwriters dealing with major Gulf of Mexico storms need to be able to model storm tracks through the Gulf itself and then onto land. Exact Advantage is the first product that will allow them to do this.”
