Karen Clark & Company (KCC), a pioneer in providing advanced models and innovative software for deeper insights into catastrophe risk, has announced that the Synchrono Group, trading as SynchronoSure, has licensed KCC’s comprehensive suite of US catastrophe models.
These models will be delivered through KCC’s new and advanced underwriting application, which offers high-resolution modelling analyses that guide underwriting decisions for complex commercial policies.
The partnership was forged to enable the application of advanced, scientific methodologies in SynchronoSure’s underwriting process. These methodologies are designed to provide complete and consistent spatial coverage for credible, location-level loss estimates, ultimately offering a more refined price point for the accounts they underwrite.
KCC, globally recognised for its catastrophe modelling and risk management services, offers models that cover a wide range of perils in over 80 countries. SynchronoSure, on the other hand, leverages cutting-edge information and technology to underwrite commercial property/casualty and workers compensation insurance in a matter of minutes. Headquartered in Raleigh, North Carolina, it underwrites on behalf of top-rated insurance companies in the US.
The new KCC underwriting application offers impressive features, enabling underwriters to price multiple layers with a single request and assess impacts of over 100 building characteristics. It’s capable of producing accurate policy and location-level exceedance probability curves and average annual losses. The partnership includes KCC’s models for a multitude of perils such as hurricanes, earthquakes, and severe convective storms.
Steve Hartman, SynchronoSure CEO, said, “Our business is designed to properly match exposure to price for all aspects of the policies we underwrite. We selected the KCC models because their advanced methodologies provide us with a better, more refined price point for the accounts we underwrite.”
Expressing excitement about the partnership, KCC CEO, Karen Clark, said, “We’re very pleased to be partnering with SynchronoSure, an exciting new start-up led by industry veterans. We’re looking forward to working with their diverse team to leverage the advanced capabilities of the KCC models and applications.”
Keep up with all the latest FinTech news here Copyright © 2023 FinTech Global
