Climaitetrack Gets Back End Upgrades And A Front End

By Author: D Edward Levy
Total Articles: 76
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Climate change is a hotly debated concept but in the business realm, there is no argument that climate change has negative impacts on all industries. ClimAIteTRACK is a new insurance management tool from TTS that delivers data driven and localized climate assessments and grading. ClimAIteTRACK reporting can help insurance companies strategize premium revenue adjustments, while providing transparency to clients. In addition to regional climate risk reporting and grading, ClimAIteTRACK generates consumer-facing elements that insurance companies can use to build better relationships with their clients. The first generation of ClimAIteTRACK technology is available for testing at the Evaluation Portal and we are currently working on major upgrades in data analytics, adding new features such as DPPM automation and enhancing the user evaluation experience with a newly designed portal.

Optimizing The Analytics Process

The first version of ClimAIteTRACK is currently online and uses a preliminary set of analytics and metrics to generate the Environmental Assessment Grade and is scripted so that analytics upgrades can be ...
... easily implemented. Currently, the technology uses 5 years of data and an additional 6th and 10th year will be added to generate more precise results and grading. Comparative analytics will also be optimized to provide more inputs and a richer grading process. The addition of other weather metrics such as snow cover will also improve accuracy and validity of reporting. ClimAIteTRACK’s improved data handling capabilities will ensure provisions are in place for regions that do not experience certain weather metrics. The grading itself will also be overhauled, providing more detailed commentary and numerical representation.

Automating the DPPM Process

The second generation of ClimAIteTRACK will feature the Dynamic Premium Pricing Model (DPPM) mode, enabling insurance companies the opportunity to offer more dynamic insurance products to their clients. The DPPM uses ClimAIteTRACK’s data analytics capabilities to make premium pricing adjustment recommendations more frequently for clients in higher risk climate zones. The DPPM can be used semi-yearly, quarterly or even monthly as the DPPM process is completely automated when used. The DPPM system will be integrated into the ClimAIteTRACK evaluation with a user controlled mode button to activate sample reporting. As a standalone script, DPPM criteria, frequency and pricing analytics are completely adjustable and upgradable to suit the particular needs of the insurance business. Future versions of ClimAIteTRACK will also include customized reporting and detailed DPPM analytics.

Vertical Integration Upgrades

As scaling and live deployment approaches, TTS is focusing on integration features and logic for ClimAIteTRACK technology. The service can be easily used as a stand alone program and requires minimal space to operate and make API calls. Upgrades to data management include document correction and multi format document processing. Insurance businesses with large accounts can simply submit CSVs or other document types and ClimAIteTRACK will load, assemble, correct and read the data, creating its own sets and indexes. Engineered in Python, ClimAIteTRACK is structured to be easily integrated into existing systems and mainframes and can be optimized to handle existing client data resources. A future version of ClimAIteTRACK will create client facing graphics and elements for evaluation. An evaluation management control panel will also be deployed for public and industry evaluation.

Scaling to Production

As ClimAIteTRACK development moves forward, the vision for scalability becomes closer to reality. Framework and integration upgrades will ensure smooth transition and deployment in internal systems while standalone operation is another scalable option for businesses with faster and dynamic document organizing and loading scripts. The modular nature of the technology allows for customization on data analytics and grading for region specific usage or residential versus commercial applications. Visit the Evaluation Portal to try out the first generation of ClimAIteTRACK or reach out to stay up to date on release of version 2 of the technology: https://traveltechnologysolutions.net/EvalPortal/