As Insurers Vie to Remain Competitive, Towers Perrin Rolls out Mapping Tools to Help Them Better Manage Catastrophe Risk.STAMFORD, Conn. -- Towers Perrin Towers Perrin is a global professional services firm. It was established 1 March 1934 as Towers, Perrin, Forster & Crosby. The umbrella name of Towers Perrin was adopted in 1987. today introduced CATography(TM), a sophisticated catastrophe exposure management system that allows insurers to manage their exposure to risk with greater precision and evaluate how new risks will impact existing portfolios. CATography continues Towers Perrin's commitment to leading-edge services for their clients. In 2003, Towers Perrin was the first intermediary to provide clients with an interactive, browser-based mapping and reporting system which significantly changed the way insurers gleaned information about their aggregate catastrophe risk. "The ever-present threat of natural disasters and terrorist activity has made the 21st century incredibly challenging for insurers," said David Langdon, Principal and Vice President. "It is more critical than ever that insurers clearly understand the risk and value characteristics of their portfolio so that they can make the best decisions possible. CATography, when used in combination with Towers Perrins' expert catastrophe modeling
The CATography suite offers three applications that utilize a common platform to provide customized solutions for each part of the organization: catastrophe risk management, underwriting and claims. The system is characterized by its flexibility and ease-of-use. CATography[TM] Risk Manager Recent hurricane activity, model changes, and increased capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. have impacted insurers through higher 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. costs and limitations on catastrophe capacity. Towers Perrin's CATography Risk Manager product helps risk professionals manage and balance risk in an insurance portfolio. The product generates maps that display aggregate totals by region for a variety of data, including insured value, premium and loss. It also allows the user to filter out certain information or to zoom in and review specific data for a single address. CATography[TM] Underwriter CATography Underwriter focuses on the evaluation of new risks and their impact on the portfolio. Underwriters gain access to key information through access to model output, demographic data and high-resolution satellite and aerial imagery. Business rules can be developed to automatically evaluate various underwriting guidelines such as modeled loss estimates, distance to coast, flood risk, soil type and crime demographics, allowing the underwriter to focus their efforts on the risks where their expertise is required. CATography[TM] Claims CATography Claims provides access to real-time disaster information in map form for integration with exposure data so that during storms or other natural disasters, claims managers can use the most recent information to identify the insured values in harm's way harm's way n. A risky position; danger: a place for the children that is out of harm's way; ships that sail into harm's way. and evaluate loss estimates. "CATography delivers a great deal of valuable information to insurers, and information is critical to better risk management strategies," said Langdon. "But information is only valuable if analyzed properly. Towers Perrin works with clients through all stages of the modeling process beginning with the collection and assessment of data through developing, implementing and monitoring strategies to create a risk-balanced portfolio." About Towers Perrin Towers Perrin is a global professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. firm that helps organizations improve their performance through effective people, risk and financial management. The firm provides innovative solutions to client issues in three areas: Human Resource Services, which provides human resource consulting Services Provided Human Resource Consulting firms provides advice to their clients regarding the financial and retirement security, health, productivity, and employment relationships of their global workforce. ; Reinsurance, which provides reinsurance intermediary services; and Tillinghast, which provides management and actuarial consulting to the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. Together, these businesses have offices and business partner locations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Europe, Asia, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , South Africa, Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . More information about Towers Perrin is available at: www.towersperrin.com. |
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