none

Is your business an insurance risk?

31-08-2010
by 
in 
Is your business an insurance risk?

 

With a few clicks of a mouse insurers can now determine whether your business has a high risk of being exposed to a natural disaster.
 
The new technology, developed by NIIT Technologies, a global IT solutions organization, can quickly and accurately assess whether a business’ location is susceptible to catastrophic events such as cyclones, floods or bushfires.
 
Called EXACT Advantage, the technology uses a unique, sophisticated mapping system to provide rapid analysis of disaster locations anywhere in the world. 
 
This risk management tool enables an underwriter to make a rapid assessment of whether a particular submission should be evaluated in detail, easily accepted, or rejected.
 
EXACT Advantage, which is now used by leading global insurance and reinsurance companies across the UK and Europe, is now available in Australia.
 
The application provides underwriters and insurance brokers with a powerful tool to proactively assess risk across all lines of business, with a key focus on commercial and specialty insurance markets.
 
“If individuals or companies have high value assets at risk from flood, fire or wind, insurers and underwriters need to know in more detail than ever before exactly what their exposure is,” said Mr Ian Forwood, Sales Director, NIIT Technologies (UK).
 
The new system, which uses a combination of Google maps and other sophisticated “Geo-coding” technology can pinpoint the exact latitude and longitude of the premises to be insured and immediately assess the peril. 
 
“This not only helps an insurer to assess the vulnerability of a property or facility, but also what the consequences are if more risk is added to a particular location,” Mr Forwood said.
 
Recent natural disasters such as the Queensland floods, earthquake in Christchurch, floods in Thailand and more recently Cyclone Sandy in New York, have strengthened the need for technology of this kind.
 
Mr Arvind Mehrotra, President, Asia Pacific, NIIT Technologies said the insurance industry experienced a 63 per cent increase of loss load last year.
 
Worldwide economic losses amounted to $US370 billion and insured losses totaled about $US116 billion.
 
“The earthquakes in Japan and New Zealand, for example, and hurricanes Irene and Katia in the Atlantic caused tragic loss of life as well as serious damage to property and essential infrastructure, Mr Mehrotra said.
 
“EXACT Advantage provides a central resource with powerful capabilities for managing exposure across a broad range of business lines.”
 

Related news & editorials

  1. 20.04.2018
    20.04.2018
    by      In
    There will be a strong Australian flavour to the Siemens stand at this year’s Hannover Messe, which begins on the 23rd April. A group group of more than 100 people will be on hand, including members of the Prime Minister’s Industry 4.0 Taskforce, customers and stakeholders from a range of... Read More
  2. 19.04.2018
    19.04.2018
    by      In
    In a move welcomed by industry leaders and the WA Government, Chevron has greenlit an expansion of the Gorgon liquefied natural gas (LNG) project offshore Western Australia’s north-west coast, promising to deliver yet more jobs. 
    The Gorgon gas project, situated about 150km north of Onslow off the... Read More
  3. 19.04.2018
    19.04.2018
    by      In
    As nations around the globe search for new ways of handling waste following China’s decision to stop processing the world’s rubbish, a South Australian man is searching for investors to help build a commercial system that converts waste plastic into biogas.
    The extension of China’s ‘Operation Green... Read More
  4. 17.04.2018
    17.04.2018
    by      In
    Standing still is never an option in the media, and that is why we’ve given the Industry Update website a fresh new look with pages that are easier to navigate as well as being easy on the eye.
    According to Publisher Scott Filby: “Like any website, ours has grown organically over the years, gaining... Read More