One of the biggest challenges facing all industries is climate change. The increasing severity and frequency of destructive weather events is negatively impacting business across all categories and amplification of these catastrophic systems seems likely. For insurance companies specifically, the increase in claims payouts for both residential and commercial assets is negatively impacting the industry as a whole. Modern technology provides an avenue to monitor and manage this challenge and platforms such as ClimAIteTRACK are purpose built to provide essential environmental analytics and strategies for premium revenue management. ClimAIteTRACK generates Environmental Assessment Grades (EAG) and Climate Volatility Indexes (CVI) for specific regions, giving businesses more information and strategies to manage low, medium and high climate risk geographic areas. By automating data acquisition, analytics and reporting, businesses can use ClimAIteTRACK to make better decisions and offer dynamic products to their client group. ClimAIteTRACK generates consumer-facing elements that can be used to offer transparency on premium adjustments to build stronger client relationships and brand loyalty.

Flexible Data Loading

ClimAIteTRACK is designed for commercial use and can handle batch processing of client lists and data. Depending on the business needs, ClimAIteTRACK can pull data from static documents such as CSV, TSV, JSON, JSONL and XML files. With additional optimization, ClimAIteTRACK can pull client data from internal databases and other dynamic storage structures. ClimAIteTRACK has its own document correction process and is able to handle incomplete files and cross reference between separate databases ie: Client name and details versus policy information and premium pricing. ClimAIteTRACK assembles its own readable documents for EAG and CVI processing by automating the data acquisition and assembly process. Built-in redundancy checks ensure the validity of assembled files and checks can be layered based on the individual businesses’ needs.

Customized Reporting

ClimAIteTRACK offers a variety of report configurations and delivery options to suit specific business needs. Through a dedicated management console, technology users can configure report content, frequencies and specify delivery destinations easily and as needed. ClimAIteTRACK can generate standalone documents in any format needed as well as write reports directly to internal databases and other centralized storage facilities for easier internal team access. Some key reporting items are batch report cards, volume and speed results, aggregate grading by regions (zip or postal codes) and premium adjustment recommendations. The Dynamic Premium Pricing Model function offers early notifications of upcoming client reviews, past DPPM review adjustments and client recommendations. ClimAIteTRACK reports ongoing API costs to cross reference with physical API charges.

Automation Processes

ClimAIteTRACK is an all-in-one solution for business and offers full automation of all services and functions. Some key aspects of the technologies capabilities are:

  • Client data loading
  • API call setup
  • Weather data acquisition
  • Document processing
  • Analytics and data processing
  • EAG and CVI grading and reporting
  • Generation of consumer facing elements, graphics and marketing messaging

ClimAIteTRACK can easily integrate into existing billing systems for seamless branding and marketing through internal media such as policyholder invoices, e-bills and other marketing vehicles that the insurance company uses.

A New Tool for the Insurance Industry

Data driven climate assessments from ClimAIteTRACK can help insurance companies make better business decisions and strategies. By generating EAGs and CVIs for specific regions, insurers can see a clearer picture of past and potential future climate risk and price policies accordingly. The DPPM function is another way for insurers to control costs and increase premium revenue by offering dynamically priced insurance products that specifically cater to each individual policyholder. The secondary benefit of ClimAIteTRACK are the consumer-facing elements that can be used to build stronger relationships with clients and provide a degree of transparency in the face of ever increasing residential and commercial policy premiums. Offered as an all-in-one solution, ClimAIteTRACK can be integrated into existing systems or used as a stand alone portal. Advanced data handling ensures ClimAIteTRACK works with any type of internal client management system. The 2nd generation of ClimAIteTRACK is now available for evaluation. Request and EAG and CVI for any location at the Evaluation Portal. An evaluation video of ClimAIteTRACK in action is available here: https://traveltechnologysolutions.net/EvalPortal/#ctrack