CNA Transitions to AIR Worldwide as its Primary Catastrophe Risk Management Platform
July 13 2020 - 7:02AM
Catastrophe modeling firm AIR Worldwide announced that CNA has
transitioned to AIR’s Touchstone solution as its primary
catastrophe risk modeling platform. AIR Worldwide is a Verisk
(Nasdaq:VRSK) business.
“We are excited to leverage AIR’s powerful catastrophe modeling
solution to support our multiple lines of business during the
underwriting process,” said Tom Stone, vice president of
aggregation and catastrophe management at CNA. “AIR has a track
record of providing scientifically credible models and combined
with Touchstone, this complete solution will provide us with more
analytics to make risk management, pricing, and risk selection
decisions.”
As part of the agreement, CNA is accessing Touchstone in the AIR
Cloud as a secure and cost-efficient alternative to on-premise
deployment. CNA is also licensing AIR’s Web Services to connect to
AIR’s cloud infrastructure and obtain hazard, and loss analysis
output in seconds; and Touchstone APIs to integrate with CNA’s
underwriting systems as part of their IT transformation efforts.
For CNA’s newly created National Accounts line, AIR is also
providing support using its data services to scrub and prepare
submissions for quotes from brokers.
“CNA emphasized the importance of account modeling time and its
impact on workflow efficiency,” said Rob Newbold, executive vice
president at AIR Worldwide. “The ability of Touchstone to model
multiple perils at one time, coupled with our powerful Web Services
tools to help reduce manual steps such as data transformations and
analysis setup, will help improve their overall productivity and
integrate seamlessly within their large property and small/middle
market underwriting systems.”
“It’s been a positive experience working with AIR as they
provided a unique solution to help streamline our workflows,”
continued Stone. “Through this customization we are able to achieve
levels of performance and speed not possible in our previous
solution. Touchstone is truly a versatile technology solution that
has significantly sped-up our entire underwriting process.
Additionally, AIR’s implementation team was fully supportive of our
needs and made the transition go smoothly, significantly mitigating
the potential impact of transitioning to a new model vendor.”
Touchstone is a total risk management solution designed to
perform the advanced analytics that companies need to own their
risk. Since 2013, more than 30 (re)insurance carriers have switched
to AIR’s advanced modeling platform to help them better manage
catastrophe risk.
About AIR WorldwideAIR Worldwide (AIR) provides
risk modeling solutions that make individuals, businesses, and
society more resilient to extreme events. In 1987, AIR Worldwide
founded the catastrophe modeling industry and today models the risk
from natural catastrophes, terrorism, pandemics, casualty
catastrophes, and cyber incidents. Insurance, reinsurance,
financial, corporate, and government clients rely on AIR’s advanced
science, software, and consulting services for catastrophe risk
management, insurance-linked securities, site-specific engineering
analyses, and agricultural risk management. AIR Worldwide, a Verisk
(Nasdaq:VRSK) business, is headquartered in Boston, with additional
offices in North America, Europe, and Asia. For more information,
please visit www.air-worldwide.com. For more information about
Verisk, a leading data analytics provider serving customers in
insurance, energy and specialized markets, and financial services,
please visit www.verisk.com.
About CNA CNA is one of
the largest U.S. commercial property and casualty insurance
companies. CNA provides a broad range of standard and specialized
property and casualty insurance products and services for
businesses and professionals in the U.S., Canada and Europe, backed
by 120 years of experience and more than $45 billion of assets. For
more information about CNA, visit our website at www.cna.com.
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For more information, contact:Kevin LongAIR
Worldwide+1-617-267-6645klong@air-worldwide.com
Allyson MarcusCNA267-994-9052Allyson.marcus@kemperlesnik.com
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