AIR Unveils CLASIC/2 System

AIR Worldwide Corporation (AIR) announced the 2004 release of CLASIC/2, its interactive desktop system for catastrophe risk assessment and management. The latest release includes enhancements that reportedly improve workflow for users across AIR’s wide spectrum of clients, including insurers, reinsurers, intermediaries, corporations and others.

“As more companies are adopting a multi-model approach to assess catastrophe risk, new challenges are arising with respect to data exchange and workflow,” said Patricia Donahue, senior vice president at AIR Worldwide Corporation. “AIR has introduced a number of enhancements to its software products to improve client workflow, enabling them to spend less time on data processing and more time on what matters – analysis and decision-making.”

New features in the 2004 CLASIC/2 release include:

— Bulk Data Import – Allows clients to easily import bulk data from any text file without reformatting. This new feature is available for both U.S. property and workers’ compensation exposure data and will significantly reduce the time needed to prepare data for analysis.

— Claim Counts Calculation and Reports – Enables users to easily estimate the expected number of claims for any desired geographic area. Using this new feature in conjunction with AIR’s ALERT service, insurers will be able to quickly decide how to deploy resources immediately following a catastrophe.

— CRESTA-level Data Import for Europe – Supports the importation of CRESTA-level exposure data, in addition to the detailed data CLASIC/2 has always supported. CLASIC/2 will automatically distribute this data down to the postal code level before analysis, enabling clients to perform analyses at the highest resolution possible. Reports can be generated at both CRESTA and postcode level.

— Florida Output Range Report – Facilitates compliance with Florida insurance regulations requiring output range reports. The new release of CLASIC/2 helps insurers create and export Florida output range reports directly from the software.

“This release builds on previous data exchange enhancements, including a recently introduced utility that enables cedants, brokers and reinsurers to seamlessly share CLASIC/2 databases,” said Donahue. “Enabling clients to more easily incorporate, share and analyze data is a high priority at AIR.”