The most expansive collection of large loss data breaks new boundaries in the quest to showcase indicative loss examples and fuel predictive models
November 4, 2015
Advisen today announced that its proprietary loss data, available in Loss Insight, now provides access to more than 300,000 cases, events, or actions. This large volume of loss data is housed in a structured, relational database, and is mapped to 20 million insureds. Clients use Advisen’s loss data to power predictive models, contribute to insurance carrier strategy, inform the selection of insurance limits, and provide peer loss examples to brokers, risk managers, and corporate board members.
Advisen’s taxonomy, which was designed by insurance professionals, is followed by a staff of more than 50 dedicated researchers who curate this global collection of data. Loss Insight includes data deep in every category across all casualty lines as well as specialty lines such as management liability, cyber, and professional liability. Unlike an individual carrier’s claims experience, Loss Insight represents a global collection of cases, events, and actions, from shareholder derivative suits to gender discrimination litigation, and from cyber-attacks to anti-trust investigations, from which one could compare a loss experience. As the data is not limited by the application of policy deductibles or limits, it describes the entire impact of a loss to an organization.
Jim Blinn, Advisen’s Global Product Manager, commented:
Low frequency, high-severity loss events drive insurance and reinsurance buying decisions. Because such losses occur infrequently, buyers are challenged to decide how much protection to purchase and insurers are uncertain how to price for these risks. By building this database within a structured frame, we’ve enabled large risk-focused entities to examine large risks within the context of all other entities’ experience.
Glenn Trutner, whose team manages Advisen’s loss databases, added:
Having crossed the 75,000 cases milestone in October of 2010 and 150,000 in October of 2012, I am pleased to note that Advisen’s ability to mine this data continues to expand.
MSCAd’s “Related Cases”– now reaching over 19,000 – identify clash scenarios and events stemming from one common root cause, e.g. Madoff, Enron, Deepwater Horizon, Diacetyl, and Volkswagen emissions. This feature enables insurers and reinsurers to track accumulation risks in their portfolio and helps with modeling the aggregation of losses.
To learn more about how Advisen captures, collects, and curates this loss database, download the MSCAd Methodology document.
To learn more about how you might apply the entire MSCAd collection or a customized slice of data to your underwriting, actuarial, brokerage, or insurance purchasing decision-making, contact [email protected].
