Opta answers industry lament with launch of Peril Score
Toronto, ON (Oct. 7, 2013) – During the recent 2013 National Insurance Conference of Canada, discussions amongst industry leaders focused on the increased frequency and severity of property losses as part of the new reality for property insurers in Canada. The issue is compounded due to the lack of availability of information regarding weather-related losses and key construction features such as finished basements. On the heels of the industry’s lament, Opta Information Intelligence (Opta) is pleased to announce the early release of Peril Score, Opta’s new peril-based scoring tool.
Opta’s Peril Score predicts the relative likelihood and severity of claims at a property location level for specific perils and translates that prediction into a combined total loss-cost estimate and normalized score. Peril Score leverages Opta’s vast array of location-specific data assets and employs advanced predictive analytics.
Peril Score is powerful and unique, with the ability to predict the likelihood and magnitude of a loss at a specific risk address.
“Opta has more detailed property-specific risk information than any other company in Canada, helping to predict the likelihood of a loss,” shares Greg McCutcheon, Opta’s President. “The Peril Score tool is designed to help insurers identify properties that are more at risk for specific loss perils.”
With Opta’s new Peril Score, insurers are empowered to improve rate determination, underwriting selection, protect themselves from anti-selection, and implement better loss controls.
About Opta Information Intelligence
Opta Information Intelligence provides Canada’s insurance and corporate industries with tools to manage and authenticate risk information, in turn helping them become more competitive, generate business, and gain the insight required to make profitable business decisions. Visit www.optaintel.ca to learn more.
Source: Opta Information Intelligence