AIR's 2004 Release of CLASIC/2 Improves Data Flow for Catastrophe Analyses.BOSTON -- AIR Worldwide Corporation (AIR) today announced the 2004 release of CLASIC/2(TM), its interactive desktop system for catastrophe risk assessment and management. The latest release includes enhancements that improve workflow for users across AIR's wide spectrum of clients, including insurers, reinsurers, intermediaries, corporations and others. "As more companies are adopting a multi-model approach to assess catastrophe risk, new challenges are arising with respect to data exchange and workflow," said Patricia Donahue, senior vice president at AIR Worldwide Corporation. "AIR has introduced a number of enhancements to its software products to improve client workflow, enabling them to spend less time on data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a and more time on what matters--analysis and decision-making." New features in the 2004 CLASIC/2 release include: --Bulk Data Import - Allows clients to easily import bulk data from any text file without reformatting. This new feature is available for both U.S. property and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. exposure data and will significantly reduce the time needed to prepare data for analysis. --Claim Counts Calculation and Reports - Enables users to easily estimate the expected number of claims for any desired geographic area. Using this new feature in conjunction with AIR's ALERT service, insurers will be able to quickly decide how to deploy resources immediately following a catastrophe. --CRESTA-level Data Import for Europe - Supports the importation of CRESTA-level exposure data, in addition to the detailed data CLASIC/2 has always supported. CLASIC/2 will automatically distribute this data down to the postal code Noun 1. postal code - a code of letters and digits added to a postal address to aid in the sorting of mail postcode, ZIP code, ZIP code - a coding system used for transmitting messages requiring brevity or secrecy level before analysis, enabling clients to perform analyses at the highest resolution possible. Reports can be generated at both CRESTA CRESTA Catastrophe Risk Evaluating and Standardising Target Accumulations and postcode postcode Noun a system of letters and numbers used to aid the sorting of mail Noun 1. postcode - a code of letters and digits added to a postal address to aid in the sorting of mail postal code, ZIP code, ZIP level. --Florida Output Range Report - Facilitates compliance with Florida insurance regulations requiring output range reports. The new release of CLASIC/2 helps insurers create and export Florida output range reports directly from the software. "This release builds on previous data exchange enhancements, including a recently introduced utility that enables cedants, brokers and reinsurers to seamlessly share CLASIC/2 databases," said Ms. Donahue. "Enabling clients to more easily incorporate, share and analyze data is a high priority at AIR." About AIR Worldwide Corporation AIR Worldwide Corporation (AIR) is a leading risk modeling company helping clients manage the financial impact of catastrophes and weather. Utilizing the latest science and technology, AIR models natural catastrophes in more than 40 countries and the risk from terrorism in the United States A common definition of terrorism is the systematic use or threatened use of violence to intimidate a population or government and thereby effect political, religious, or ideological change. . Other areas of expertise include site-specific seismic engineering analysis, catastrophe bonds, and property replacement cost valuation. A member of the ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. family of companies, AIR was founded in 1987 to provide its insurance, reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , corporate and government clients a complete line of risk modeling software and consulting services that produce consistent and reliable results. Headquartered in Boston, AIR has additional offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. For more information, please visit www.air-worldwide.com. |
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