Fortis fine tunes household underwriting
July 12, 2010 by Timothy Wilkes · Leave a Comment
Fortis is claiming to be the UK’s first leading personal lines insurer to invest in a new suite of computer models that can predict the relative risk of claims for a number of insured perils across the country.
The Perils Insight suite from Business Insight can give a detailed perspective on the distribution of risk relating to household insurance.
Using the latest available information on the weather, the economy and the local environment, the suite can identify areas most likely to experience a deteriorating loss ratio across a range of perils.
It can therefore provide insight into postcodes where Fortis currently has little or no claims data, allowing the insurer to tune its underwriting with greater accuracy.
One peril that has been a particular area of concern over recent years is flooding and in this connection Fortis has also licensed flood maps from JBA Consulting to give it a better understanding of the impact of flooding nationally.
The group’s head of household, Stephen Linklater, says: “As we continue to develop and grow our household proposition, it’s important for us to maintain an accurate understanding of the high and low risk areas with location being the major rating factor in underwriting home insurance.”
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