Xceedance helped a rapidly growing global specialty insurer augment its CAT modeling capabilities for expanding business lines within rigid predetermined timelines.
A new specialty insurer with a rapidly growing presence in the North American market sought to strengthen its CAT modeling capacities for several high-volume renewals and expand business lines subject to rigid timelines. In the context of its CAT modeling competencies, the insurer required an analysis of risks and portfolio perils, standardization, loss exposure predictions, substantial risk and coverage analysis, and competitive pricing assumptions. Additionally, the insurer’s objectives warranted integrating process automation at various levels across the modeling lifecycle. To cater to the client’s needs, Xceedance built a multidisciplinary team of CAT modeling, technology, and client-management experts.
The Xceedance team leveraged data warehousing technologies to facilitate better data governance and control and increased accuracy and frequency of model runs. This allowed the insurer to estimate its loss reserving requirements and optimize its portfolio. The team determined redundant steps, initiated Excel modeling tools at a relatively low cost, and eliminated third-party platforms. Additionally, our solution set facilitated an increase in capacity without a significant increase in operational costs, additional capacity for CAT modeling teams, modeling tools, and scalability tools to enhance overall functionality. The entire transition and knowledge augmentation process was completed within one month, allowing the insurer to improve operational efficiency exponentially during the peak season.