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Underwriting and Claims Services
According to a report (2020) from the Insurance Institute of Canada, extreme weather and climate-related losses will dominate property insurance coverage in Canada for the next decade and beyond. Part of the industry`s readiness is pricing to ensure that it has the funds to pay claims and the operational capacity to serve claimants. Climate risks will account for the majority of property insurance costs and claims volume. At the same time, climate risk management will increasingly define the relationship between the insurance industry and consumers.
By using risk-specific data collected directly at the building level, it is possible to develop better pricing models that accurately segment these risks for the benefit of the consumer. This data is also the foundation for developing new parametric insurance products or usage-based pricing models. The data collected can also speed up the claims process by adding precision to cause attribution. A more data-driven adjudication process also reduces problems created by human subjectivity.