ITC DIA Europe

Swiss Re Reinsurance Solutions: Insights for property underwriting to help insurers become more efficient and competitive

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jul 10, 2023

Detailed data on individual risks is pivotal to providing a granular view for pricing, risk selection and portfolio management. The ability to access, process and leverage data for insights is often named a top challenge by insurance executives. How can they overcome this challenge? Swiss Re Reinsurance Solutions leverages its advanced data analysis and risk consulting expertise to empower insurers in adapting to evolving business and industry demands. By offering cutting-edge software solutions, they assist insurers in enhancing efficiency and competitiveness. The team has developed a comprehensive suite of tools and services, catering to three primary customer needs:

  1. Enhanced decision-making through valuable insights: Access to expert insights, intelligent analytics, and a wide array of global proprietary and third-party data sources, along with forecasting tools; all to facilitate informed and improved decision-making.
  1. Boosted performance and operational efficiency: Automation tools, software platforms, and consultancy services enable insurers to streamline their products and processes, thereby enhancing operational efficiency and overall performance. This includes optimising portfolios through tailored consulting support.
  1. Uncovering new prospects and possibilities: By gaining a deep understanding of market structure and development, they help insurers to identify growth opportunities. This involves the development of appropriate products and the identification of relevant distribution partners, facilitating market expansion.

Through these comprehensive offerings, Swiss Re Reinsurance Solutions equips insurers with the necessary tools and insights to thrive in a rapidly changing industry landscape.

About Property Insights solution

The solution combines a multitude of different datasets and models including building information, Swiss Re’s proprietary global hazard models as well as third-party natural catastrophe models. It has data for both underwriting and portfolio steering. Developed with several clients, it is deployed in multiple markets, namely: US, France, Australia, and New Zealand.

Property Insights is available via API to be integrated into existing platforms like core underwriting systems, enabling automated underwriting. It contains predictive scores that allow for a better assessment of non-cat losses. Those scores can be included into pricing.

The insights can also be accessed via cloud-based applications, where users can upload portfolio and risk information, allowing for the benchmarking to market portfolios and other reference portfolios, including the possibility to deep-dive into specific sub-portfolios. It also contains a combined hazard and exposure view, enabling assessments for risk selection and pricing.

How it works

Property Insights tool offers different components:

  • Detailed building information for risk exposure analysis, obtained by combining different data sets such as building details and economic variables, the basis to build models to predict the total insured value
  • Forward-looking market insights regarding the market exposure and its trends, allowing to benchmark portfolios and to understand how past events would play out today based on changes in exposure
  • Hazard assessment and accumulation management for individual risk and portfolio, applying Swiss Re’s own hazard information as well as third-party information to provide insights on expected losses from natural catastrophes
  • Risk insights on other types of hazards like building fires or water damage

Why did we choose Swiss Re Reinsurance Solutions for ITC DIA Europe?

Swiss Re has extensive industry knowledge, built over 160 years. Through its new division Swiss Re Reinsurance Solutions it is able to provide a broad offering in the area of data, analytics and technology. Clients and non-clients can select pre-built, as well as design tailor-made solutions to meet their business needs. The division’s offers range from additional insights to data analytics and digital or product capabilities, covering the entire value chain. Clients are able to pick and choose solutions from distribution, product development, underwriting and risk assessment to portfolio management and claims.

At ITC DIA Europe in Barcelona, Swiss Re Reinsurance Solutions’ Paloma Quiroga, Head of Risk Consulting & Analytics and Arnold Löw, Head of P&C Solutions EMEA, took the stage to talk about insights on property underwriting of exposure & hazards. They showcased how they combine Swiss Re’s hazard information and proprietary risk scores, third-party data and policy information to inform on individual risks at the point of underwriting and how these insights can easily be integrated into different client systems.

Who is Swiss Re Reinsurance Solutions

The Swiss Re Group is a provider of reinsurance, insurance, and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cybercrime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. Swiss Re Reinsurance Solutions is a new product division launched at the beginning of 2023. It offers a powerful suite of tools and services spanning the entire insurance value chain. From bespoke consulting to leading software solutions as well as advanced data and insight capabilities, the group aims to help insurers to be efficient and stay competitive as the industry landscape changes.

“In a fast-changing insurance market, easier access to the solutions and support you need can push you further. Our new division puts the power of our global insurance expertise at your fingertips”

Russell Higginbotham, CEO Swiss Re Reinsurance Solutions
Amsterdam 12-13 June

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