Quotech and Tenefit have announced a new partnership to bring new data on threats and loss events into insurance market systems in real time and to effectively analyze that data alongside the customers' own data.
Tenefit's DisasterAWARE Enterprise ™ solution is a global risk information platform used by organizations to prepare and protect their businesses and employees worldwide. This early warning and multihazard monitoring platform provides information on natural and man-made hazards such as severe weather, social unrest and supply chain disruptions.
The integration of DisasterAWARE Enterprise with the Quotech Insurance Platform enables the global risk market to automate the monitoring and notification of critical events that directly affect insurers, brokers, adjusters and policy sales teams.
"Our partnership with Quotech provides the insurance industry with a great opportunity to easily and efficiently understand and use a massive big data resource," said Bob Miller, CEO of Tenefit, based in San Jose, California.
"Together, DisasterAWARE Enterprise and Quotech are able to deliver unparalleled depth of information and situational context directly to risk market desktops and analyze that detailed knowledge based on each user's specific needs," adds Miller. . "That provides invaluable insights for risk assessment during brokerage and underwriting, both at policy and portfolio level."
“Having the right data in the right place is a fundamental need of insurers and brokers for commercial risks. In addition to the analysis, documentation and market management functions, the Quotech platform seamlessly compiles users' own data with that of third parties, ”said Guillaume Bonnissent, CEO of London-based Quotech.
"The addition of real-time global data from DisasterAWARE Enterprise ™, covering the full range of natural, man-made and biological events, makes the tool even more powerful," he continued.
“Whether clients are insurers, brokers, actuaries, claims managers or others in the risk industry, Quotech's power to assess risk and support pricing, analyze portfolio exposures, create resource capacity, create audit trails and manage authorities is significantly enhanced by the data from DisasterAWARE Enterprise, ”said Bonnissent. "We are now able to provide that powerful business advantage to all Quotech customers in the international reinsurance / insurance market."
Source: Tenefit and Quotech
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