Natural perils pricing models for insurers
Nature is unpredictable. Natural perils pricing doesn't have to be
Finperils is a suite of natural perils pricing risk models. Specifically built to integrate into insurance pricing engines and underwriting processes.
Underpinned by sophisticated modelling techniques, climate expertise, and strong pricing knowledge in the insurance industry, Finperils comprises of individual natural peril models:
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Bushfire
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Coastal
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Cyclone
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Flood and storm
Access accurate data required to make informed strategic pricing decisions
Make informed strategic pricing decisions on perils pricing at an address level
Have confidence that you are charging the right price for the right risk
Builds trust with underwriters through greater transparency
Better knowledge of risk at an address location
Easy to implement in insurance pricing algorithms and rating engines
A large insurer wanted to target better premium pricing...
The insurer integrated the Finperils models in their rating algorithm at a granular address level by different perils risk. By doing so, they were able to target better premium pricing at each location, improving their underwriting capabilities, reducing their volatility of exposure to natural perils risk, which improved their profitability.
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