To improve proﬁtability, managing underwriting exposure effectively is essential. With a rise in frequency and severity of natural disasters, insurers are forced to reexamine their risk selection and underwriting processes. Catastrophic exposure assessment is becoming a focus area for many insurers and an integral part of the front office underwriting process.
Mindtree’s GUARD framework offers a near real-time exposure measurement for insurers, helping them optimize and automate exposure management during underwriting. It empowers underwriters to make informed decisions during the risk selection process.
Limited information about property and exposure poses a threat to risk assessment during underwriting. Without these details insurers face challenges such as inaccurate pricing, poor risk selection and higher reinsurance costs.
GUARD provides accurate and better assessment of catastrophic risks at a speciﬁc property or location. It supports processing of partial property data received from brokers or prospects available at the underwriting stage.
It augments data with the details necessary for generating exposure insights. It offers real time integration for address veriﬁcation, property valuation and catastrophe modeling. Predeﬁned templates and intuitive reports ease interpretation by underwriters and risk managers.
GUARD offers an efficient workbench for exposure management. It enables insurers to make informed pricing decisions and streamline portfolio level risk analysis. It reduces the likelihood of unanticipated loss in catastrophe prone areas and minimizes cost of reinsurance signiﬁcantly.
Mindtree offers ﬂexible approaches to implement GUARD.
GUARD in premise: This traditional in-premise hosting provides insurers better control over their data and resources.
GUARD in Cloud: This is a highly secured SaaS model which assists insurers to take advantage of Cloud.