The new product, part of Marsh’s Blue digital analytics suite, digitizes clients’ primary risk data – including construction, occupancy, protection and exposure data – and uses artificial intelligence and machine learning to identify anomalies and other issues in order to boost that data’s quality.
By feeding the data into other Marsh analytics tools, such as catastrophe modelling and risk finance optimization, clients can view and quantify their property risks in real-time and assess risk mitigation, retention and transfer options, the company said.
Using the tool, clients can:
- Quickly assess the impact of changing property portfolios on their risk profiles
- Determine if assets are likely to be impacted by hazards related to natural disasters
- Easily identify and prioritize risk mitigation strategies that have the greatest impact on their portfolio
- Differentiate their risk with underwriters and optimize placement outcomes
“Today’s ever-evolving and volatile risk landscape requires more than just static views for risk planning – it requires a dynamic solution that enables business leaders to respond to a changing environment in real-time, anchored by data insights,” said Mike Rouse, US property practice leader at Marsh. “Through improved data quality and improved modelling accuracy, Marsh is enabling clients to reduce uncertainty and make more accurate, informed property risk decisions.”
Source: Insurance Business Magazine
