The Science of Property

Sciemus have partnered with Ecclesiastical to develop the next generation of risk assessment and underwriting management capability.  The property insurance assessment toolkit “EPAT” adopts the latest in spatial technology and proprietary mathematical modelling to address the diverse underwriting requirements of a property portfolio.

Property Sector

Insured properties are often of non-standard or even unique construction type and located in areas which cannot be pinpointed by conventional reference such as postcode.  Others are on site-specific terrain such as localised high-ground that is not typically identified in low resolution data.  Yet effective underwriting requires accurate property-specific information to evaluate the link between hazard and location. The risk of impaired underwriting results from inaccurate location information was compounded by the multiple storm and flood events of 2007.  Ecclesiastical sought to benefit from developing a toolkit with Sciemus to address its unique requirements.

Commercial Benefits

The benefits of all Sciemus models and engineering expertise stem from our ability to bring insight and understanding through analytics to technically complex risks. This translates commercially into an ability to accurately assess the profitability of any given single risk or a portfolio of risks. For a property insurer, Sciemus Property can provide: 

• Geo-Coding Insight: Using the EPAT geo-coding technology to identify exactly where a property is located, no longer relying on postcode polygons that clump risks in over generalised areas. Knowing the exact location of a property allows for more accurate assessment of geographical hazards like flooding, theft, fire, and storm exposure.  
• Flood Risks: Laying a property's exact geo-coded location on top of topographical flood information allows clients to calculate the precise flood exposure for a property.
• Risk Aggregation: Identifying distances between insured properties to directly manage collective area risk. This allows clients to measure how much exposure there is in any one area and the ability to calculate capital adequacy requirements on specific locations.  
• Scenario Modelling: EPAT can model a predicted flood into a scenario for forecasting potential losses during or even before a flood. This includes knowing which properties should (and shouldn't) be effected in a given area once a flood has occurred. 
• Risk Mitigation: EPAT can directly mitigate risk through proactive loss management during a flood. Clients know where their highest valued risks are in a flood zone and call inform customers to take precautions before a loss is incurred. EPAT can also aid in loss response opportunities by mapping the unaffected roads in a flooded area. 
• Speed of Information: EPAT has the capabilities to deliver valuable information to departments across an insurance company at a very fast speed. EPAT can deliver specific red/amber/green answers without overloading the user with information. Inversely, it can also give users access to a wealth of statistical knowledge, bespoke maps, and company specific reports to suit the user's enquiry. 

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