Boston, MA (July 13, 2020) – Catastrophe modeling firm AIR Worldwide announced that CNA has transitioned to AIR’s Touchstone solution as its primary catastrophe risk modeling platform. AIR Worldwide is a Verisk business.
“We are excited to leverage AIR’s powerful catastrophe modeling solution to support our multiple lines of business during the underwriting process,” said Tom Stone, vice president of aggregation and catastrophe management at CNA. “AIR has a track record of providing scientifically credible models and combined with Touchstone, this complete solution will provide us with more analytics to make risk management, pricing, and risk selection decisions.”
As part of the agreement, CNA is accessing Touchstone in the AIR Cloud as a secure and cost-efficient alternative to on-premise deployment. CNA is also licensing AIR’s Web Services to connect to AIR’s cloud infrastructure and obtain hazard, and loss analysis output in seconds; and Touchstone APIs to integrate with CNA’s underwriting systems as part of their IT transformation efforts. For CNA’s newly created National Accounts line, AIR is also providing support using its data services to scrub and prepare submissions for quotes from brokers.
“CNA emphasized the importance of account modeling time and its impact on workflow efficiency,” said Rob Newbold, executive vice president at AIR Worldwide. “The ability of Touchstone to model multiple perils at one time, coupled with our powerful Web Services tools to help reduce manual steps such as data transformations and analysis setup, will help improve their overall productivity and integrate seamlessly within their large property and small/middle market underwriting systems.”
“It’s been a positive experience working with AIR as they provided a unique solution to help streamline our workflows,” continued Stone. “Through this customization we are able to achieve levels of performance and speed not possible in our previous solution. Touchstone is truly a versatile technology solution that has significantly sped-up our entire underwriting process. Additionally, AIR’s implementation team was fully supportive of our needs and made the transition go smoothly, significantly mitigating the potential impact of transitioning to a new model vendor.”
Touchstone is a total risk management solution designed to perform the advanced analytics that companies need to own their risk. Since 2013, more than 30 (re)insurance carriers have switched to AIR’s advanced modeling platform to help them better manage catastrophe risk.
CNA is one of the largest U.S. commercial property and casualty insurance companies. CNA provides a broad range of standard and specialized property and casualty insurance products and services for businesses and professionals in the U.S., Canada and Europe, backed by 120 years of experience and more than US$45 billion of assets. For more information about CNA Canada, visit www.cnacanada.ca.
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.
Source: CNA CanadaTags: AIR Worldwide, Catastrophe, CNA, enterprise risk management (ERM), platform