Climaitetrack: User Facing Elements For Better Client Relationships

By Author: D Edward Levy
Total Articles: 67
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One of the major variables when writing asset and infrastructure insurance policies is the effect climate has on that specific location. While the existence of climate change is a hotly debated topic, the effects of warmer oceans has physically increased the frequency and severity of damage causing storms and droughts. Hurricane and wildfire potential dominate environmental and by effect, insurance headlines as key factors that are reshaping the science and business landscape. ClimAIteTRACK was created as a tool for the insurance industry to assess past and potential future environmental risk of a specific area. Using proprietary data acquisition and analytics processes, ClimAIteTRACK generates simple to understand grades and assessment for any location that can be used to adjust premium revenue, mitigating some of the losses or risk that carriers may face. ClimAIteTRACK also has client facing benefits that can help carriers build stronger relationships with policyholders in the current landscape of increasing premiums and insurance costs.

Under the Hood

ClimAIteTRACK is an all in one solution that automates all ...
... data handling and analytics processes from end to end. Redundancy checks and compact scripting enable fast and accurate API calls for data, ensuring the correct metrics, location and date variables are acquired and ‘sanitized’. ClimAIteTRACK analytics and machine learning processes are layered for precise results and future upgrades to accommodate specific carrier needs. The analytics process is automated and cycles through data and results, generating an aggregate Environmental Assessment Grade (EAG) and Climate Volatility Index (CVI) based on accrued points and percentages for the target area. Grading includes baseline commentary and labeling and can be updated specifically for the insurer or policyholder scenario. A user facing Management Console controls toggles and configurable facets including DPPM mode functionality. ClimAIteTRACK is engineered for practical vertical integration into any type of billing or CRM platform.

Building Transparency

ClimAIteTRACK’s has two core functions:

To provide data driven climate assessment for premium revenue management and adjustments.
Generate and deliver client facing marketing elements that offer transparency and resources during upward premium pricing adjustments.

Using the data generated from the EAG and CVI assessments, ClimAIteTRACK can create graphical and text marketing elements that explain and illustrate report results and outcomes that keep policyholders informed. ClimAIteTRACK Elements can be integrated into paper and electronic bills and invoices for easy access and clear communication of assessment results. In the face of ongoing upward premium pricing adjustments, these elements can deliver transparency and build better relationships between client and insurer, potentially reducing complaints, inbound inquiries and stronger long term brand loyalty.

Dynamic Products for Changing Landscape

ClimAIteTRACK technology includes the Dynamic Premium Pricing Model (DPPM) and enables carriers to offer dynamically priced insurance products. The DPPM function automates the ClimAIteTRACK reporting cycle at varying frequencies and is suited for locations with higher past and potential climate risk. DPPM drives revenue by applying premium price adjustments more frequently, increasing overall net revenue over a 12 months period. DPPM can be set for bi-monthly, quarterly and bi-annual frequency cycles and can be fully integrated into existing billing systems for complete automation during the yearly period.

DPPM utilizes ClimAIteTRACK Elements for client facing information and is configurable from the Management Console. When using large client database files, the DPPM mode can be easily applied to specific clients through document coding and variable identification inputs within the script or Management Console. DPPM gives carriers another opportunity to offer additional and appropriate products, while increasing premium revenue on an incremental basis.

Data for Better Business Decisions

Crunching data is a key operation in the insurance business and ClimAIteTRACK is an all in one solution for insurance companies to assess past and potential climate risk for a specific location. Its proprietary processes and grading system can be integrated into any premium pricing strategy and can offer additional client facing benefits in addition to increasing premium revenue. ClimAIteTRACK can generate client-facing elements such as graphs, statistics and report explanations to help policyholders understand premium adjustments, offering real transparency and stronger client / carrier relationships. Marketing elements can be easily integrated into any billing or invoicing system that utilizes paper or e-invoices that gives clients the information and data they need to feel confident about their choice of insurer. The DPPM function automates the generation of Marketing Elements and can be fully configured through the Management Console. Currently in its 2nd generation, the ClimAIteTRACK evaluation is available for testing and can generate an EAG and CVI for any location specified. ClimAIteTRACK 3.0 is under development and will include algorithmic upgrades, a faster UI / UX and will include DPPM functionality. Visit the Evaluation Portal for the latest ClimAIteTRACK platform: https://traveltechnologysolutions.net/EvalPortal/#ctrack