Data Vera for Exposure Management
Data Vera for Exposure Management – Improving SOV cleansing efficiency and confidence.
The below case study outlines the improvements to SOV cleansing efficiency and confidence one of our clients gained after implementing Data Vera for Exposure Management.
The Challenge
CATEX engaged with a large multi-national insurer, who was struggling to cleanse, validate and prepare the increasing number of SOVs they were receiving for modelling. This process was a labour intensive, manual effort performed largely using spreadsheet templates, drawing data from multiple distinct sources. Due to the quality of the SOVs received a significant amount of augmentation to the SOVs was required to make them ready for modelling and facilitate accurate pricing of each account. As the volume and size of SOVs received by the insurer increased, the confidence in this manual process decreased due to the error prone nature of manual cleansing and the lack of audit available on any changes made.
The solution
CATEX embarked on a custom implementation project to elevate the insurer out of their legacy manual processes, leveraging machine learning, API integration and automated workflows to boost efficiency and confidence in the quality data produced from the SOV cleansing process. The project resulted in the following improvements:
Reduction in time spent making repetitive data changes:
With Data Vera’s machine learning functionality, users are no longer required to make repetitive manual data changes. Once Data Vera has learned a data replace, it is applied automatically on future uploads. New and existing users alike are benefiting from the data changes saved within the Data Vera platform.
Improved data consistency:
Leveraging Data Vera’s built in industry occupancy and construction schemas (RMS, AIR, FIRE, ISO, IBC), the insurer now has full confidence that all values exhibited in their modelling output will model accurately. Machine learning ensures that less time is spent converting location construction and occupancy descriptions to match industry schema. Custom code lists were implemented for primary and secondary modifiers, ensuring their data remained consistent with their legacy output following implementation.
Increased accuracy and granularity of location data:
Using Data Vera’s existing API geocoding function and the implementation of a custom API for the derivation Fire Underwriting Survey (FUS) data, the insurer now has confidence in the accuracy of their location data and therefore their modelling results. Having these functions fully integrated in their SOV cleansing process drastically reduced the time spent enriching location data, on top of eliminating errors from manually transposing data.
Efficiency through automation:
Data Vera’s built in TIV calculations now ensure that all insured values are properly validated and sum correctly for each location processed through the system. The development of custom functionality that allows users to automatically split POED values by occupancy code for each location and the automatic grouping of duplicate locations on SOVs allows the insurer to free up time previously spent manually performing these tasks.
Consistent output and traceability:
CATEX worked with the insurer to develop a custom output, generated automatically following the cleansing process, allowing Data Vera to fit seamlessly into their existing workflows. On top of that, custom audit reports were developed, improving the confidence management have in the changes made by their SOV cleansing teams.
The system is hosted at an SSAE16 facility that adheres to the highest industry standards for data protection and operational controls. Real-time data backup at a secondary facility — located thousands of miles away from the primary site — provides robust disaster recovery capabilities. This remote setup ensures the safety and integrity of the carrier’s critical data, providing peace of mind and protecting the carrier from the consequences of disruptions. Additional security is provided by CATEX’s designation as ISO/IEC 27001:2013 compliant indicating that CATEX’s internal processes, data handling, software development practices adhere to industry best practices and are regularly audited by a third-party firm.