Success Stories
All Industries
  • All Industries
  • Banking
  • Capital Markets
  • Insurance
  • Cards & Payments
  • Retail
  • Consumer Packaged Goods
  • Automotive
  • Industrial Manufacturing
  • Travel & Hospitality
  • Transport & Logistics
  • Media & Entertainment
  • Software & Internet
  • Computing Infrastructure
  • Consumer Devices & Electronics
  • Semiconductors
All Services
  • All Services
  • Application Development & Maintenance
  • Infrastructure Management
  • Independent Testing
  • Business Process Management
  • Enterprise Application Services
  • Engineering R&D
  • IT Strategy & Consulting
  • Digital Services
All Solutions
  • All Solutions
  • Bluetooth Solutions
  • mWatch
  • VMUnify
  • MindTest
  • Digital Video Surveillance
  • OmniChannel
  • SITE Smart
>>

Improving risk exposure accuracy for a leading property and casualty insurer by 40%

A first-of-its-kind solution that helps accurately assess property risk and price catastrophe bonds, not in months – but weeks. Welcome to possible.

Client

A Fortune 500 insurer, with a leading property and casualty business

Industry

Insurance and financial services

Offering

Design, application development, consulting, data and analytics, Pega services

Abstract

The increase in catastrophe events, from hurricanes and floods to earthquakes and oil spills, is an area of concern for property and casualty (P&C) insurers. Inaccurate or delayed pricing of property risk for catastrophe (CAT) bonds has the potential to impact profitability, compliance and reputation – well beyond a quarter. Our client, a global leader in P&C insurance, wanted to even the odds.

Mindtree led with its consulting acumen and delivered a first-of-its-kind CAT modeling application by aggregating geo-locations and unique property information. This would fundamentally transform our client’s capabilities in risk assessment and pricing for catastrophe insurance, from enabling an underwriting snapshot in just eight hours to improving risk exposure accuracy by 40%.

Business need

Natural disasters, once thought of as infrequent, are now a cause for concern – owing to both increased occurrence and larger impact in a hyper-connected world.

The catastrophe risks of property insurance differ in each region. Insurers assess a property based on the risk in the property’s area and alleviate some of the risks by issuing CAT bonds. Typically, insurers take six months after a catastrophe occurs to assess the complete exposure. Accurate pricing of CAT bonds with a timely view of risk exposure is imperative to cover losses in case of catastrophic events.