HOUSEHOLD & COMMERCIAL PERILS



The Perils Insight product suite is a set of innovative, new computer data models that predict the relative risk and variation of Theft, Subsidence, Flooding, Storm, Arson, Accidental Fires, Accidental Damage, Escape of Water and Extreme Cold Weather across the UK. The models have been constructed separately for residential and commercial property and are based on extensive research using the latest available information. The models have been built from vast amounts of high resolution spatial, natural hazard and demographic data and have been calibrated using sophisticated mathematical techniques to produce estimates at postcode unit and address level.

The Perils Insight models have been validated by a number of insurers against recent claims information and have shown a high degree of discrimination between high and low risk areas. These tests have indicated that the Business Insight models are currently unrivalled in the market giving an invaluable perspective into the distribution of risk across your book of business. They are very easy to use and can be supplied in a number of formats to ensure that they fit seamlessly into your existing systems. You can quickly discover how your rates compare in the low and high risk areas and where you need to fine tune your rating to ensure you don’t get selected against by competitors armed with more accurate risk information.

The Business Insight team is focused on the insurance market and we are constantly looking to innovate, fine tune and improve our product set as new emerging sources of data and technology becomes available. Within the team we have the industry knowledge, experience and understanding of user needs to ensure that clients gain maximum value from investing in our Perils Insight product suite. The highly competitive annual licences include annual updates, training and technical support offering unbeatable value. Please call our sales team and arrange for a presentation to find out how we can add value to your business.

Business Insight is committed to the on-going development of the products and services supplied to our client base. In order to keep pushing the boundaries and improving the product set we have a continual programme of research and development where we work closely with partners and with Universities. With a team dedicated and passionate about our work it keeps things interesting and fun as well as ensuring we continue to build upon our knowledge base creating a clear market advantage over our competitors.

Key Benefits

  • Get ahead of the market with more accurate underwriting and risk selection;
  • Gain a deeper understanding of your risk exposure for each of the main insured perils of Theft, Subsidence, Flooding, Storm, Arson, Accidental Fires, Accidental Damage, Escape of Water and Extreme Cold Weather in the UK across your existing book of business;
  • Grade postcodes easily into relative risk bands or RAG (Red, Amber, Green) codes to help tune the accuracy of your rating areas or to drive underwriting rules;
  • Gain insight into postcode areas where you have no experience data;
  • Discover where you need to modify your rates to improve your loss ratio and optimise your profitability;
  • Understand and improve the management of your aggregates to reduce your reinsurance costs.
  • More precise risk assessment feeding through into bottom line benefit.

Business Insight have developed a set of perils models specifically for Commercial Property Insurance. The Commercial Property Perils Insight suite is an innovative, new set of computer data models that predict the relative risk of claims being incurred across the UK for the main insured perils of Arson, Accidental Fire, Theft, Flood, Storm damage, Subsidence, Escape of Water and Extreme Cold Weather. The models are based on extensive research into commercial property risk using the latest hazard and damage information and take into account the changing economic landscape of the UK. The models have been built from highly granular data relevant to each peril as well as detailed vulnerability information relating to the commercial property stock. These have been calibrated using emerging mathematical techniques to produce probabilistic risk estimates by postcode unit and full address level. The Commercial Property Perils Insight models have been tested against external validation samples and have shown a high degree of discrimination between high and low risk areas.

The Business Insight team is focused on the insurance market with the industry knowledge, experience and understanding of user requirements to ensure that clients gain maximum value from investing in the Commercial Perils Insight suite of models. The highly competitive annual licences include annual updates, training and technical support offering unbeatable value. Please call our sales team to find out how we can add value to your business.

Key Benefits

  • Gain a deeper understanding of the risk to commercial property in the UK across your existing book of business;
  • Grade postcodes easily into relative risk bands or RAG (Red, Amber, Green) codes to help tune the accuracy of your rating areas or to drive underwriting rules;
  • Gain insight into postcode areas where you have no experience data;
  • Discover where you need to modify your rates to improve your loss ratio;
  • More precise risk assessment feeding through into bottom line benefit;
  • More accurate underwriting and risk selection;
  • Discover where you need to modify your rates to optimise your profitability.

If you would like to find out more about how Household and Commercial Perils can help you please contact one of the Business Insight team.