AIR Introduces Updates to Modeling System Technology

AIR Worldwide Corporation has introduced the latest releases of CLASIC/2 and CATStation, said to enable insurers, brokers, and reinsurers to significantly improve their catastrophe management workflow.

According to AIR, the new releases contain two enhancements, AIR
ImportExpress and the CEDE database, which allow users to import, analyze, and share catastrophe risk management data faster and more easily.

AIR ImportExpress is a utility that facilitates the quick import of exposure data into CLASIC/2 and CATStation. Through an intuitive user-friendly interface, exposure data in its original format can be easily imported using AIR ImportExpress. Once data has been imported, AIR ImportExpress allows users to save an import template for automatic conversion of future imports.

“Detailed catastrophe analyses provide a more accurate view of insurer risk, but detailed exposure data is typically received in a variety of formats,” said Uday Virkud, senior vice president at AIR Worldwide Corporation. “AIR ImportExpress and CEDE will simplify the data entry process and dramatically reduce the time required to import files into AIR’s modeling systems.”

The CEDE database further streamlines the catastrophe modeling process, according to AIR. CEDE, which stands for Catastrophe Exposure Data Exchange, facilitates the sharing of detailed exposure data among insurers, brokers, and reinsurers during the reinsurance placement process. CEDE aims to reduce time spent by reinsurers importing and geocoding data for detailed catastrophe analysis, and avoids potential errors in data translation.