Risk quantification for insurance process management employing an advanced decision platform
A system for insurance process management employing an advanced decision platform has been developed. A high speed data retrieval and storage module retrieves insurance related data from a plurality of sources. A predictive analytics module performs predictive analytics functions on normalized insurance related data. A predictive simulation module performs predictive simulation functions on normalized insurance related data. An interactive display module displays results of activity of the predictive analytics module and the predictive simulation module as pre-programmed by analysts of an investigation, and re-display results in ways differing by additional representation programming instructions over the course of a viewing session.
1. A system for risk quantification for insurance process management employing an advanced decision platform, comprising:
a high speed data retrieval and storage module stored in a memory of and operating on a processor of a computing device and configured to:
retrieve insurance contract underwriting terms pertaining to a physical asset;
identify a plurality of risks associated with the physical asset based on the underwriting terms;
search the Internet to identify a magnitude of each of the plurality of identified risks for the physical asset;
search the Internet to identify an upcoming risk event in the geographical location of the physical asset;
a predictive analytics module stored in a memory of and operating on a processor of a computing device and configured to:
generate a vulnerability model that relates the insurance contract underwriting terms and the magnitude of the plurality of risks to determine a risk response of the physical assets to the plurality of risks;
apply the upcoming risk event to the determined risk response to predict a loss associated with the physical asset;
a predictive simulation module stored in a memory of and operating on a processor of a computing device and configured to:
generate a blended exposures and losses model configured to analyze concentration of losses in terms of time and location;
generate synthetic data based on the magnitude of each of the plurality of risks and the predicted loss associated with the physical asset; and
pass the synthetic data through the blended exposures and losses model to determine a concentrated risk of loss associated with a plurality of assets of the same type as the physical asset.
2. The system of claim 1 , wherein the contract data further comprises information about a plurality of physical assets.
3. The system of claim 2 , wherein the plurality of physical assets are owned by a business enterprise.
4. The system of claim 3 , wherein the predictive simulation module further performs historical simulations based on actual loss data of the business enterprise.
5. The system of claim 3 , wherein the vulnerability model further incorporates an environmental condition profile at one or more sites of the business enterprise.
6. The system of claim 3 , wherein the vulnerability model further incorporates a geo-political condition at one or more sites of the business enterprise.
7. A method for risk quantification for insurance process management employing an advanced decision platform comprising the steps of:
retrieving insurance contract underwriting terms pertaining to a physical asset;
identifying a plurality of risks associated with the physical asset based on the underwriting terms;
searching the Internet to identify a magnitude of each of the plurality of identified risks for the physical asset;
searching the Internet to identify an upcoming risk event in the geographical location of the physical asset;
generating a vulnerability model that relates the insurance contract underwriting terms and the magnitude of the plurality of risks to determine a risk response of the physical assets to the plurality of risks;
applying the upcoming risk event to the determined risk response to predict a loss associated with the physical asset;
generating a blended exposures and losses model configured to analyze concentration of losses in terms of time and location;
generating synthetic data based on the magnitude of each of the plurality of risks and the predicted loss associated with the physical asset; and
passing the synthetic data through the blended exposures and losses model to determine a concentrated risk of loss associated with a plurality of assets of the same type as the physical asset.
8. The method of claim 7 , wherein the contract data further comprises information about a plurality of physical assets.
9. The method of claim 8 , wherein the plurality of physical assets are owned by a business enterprise.
10. The method of claim 9 , wherein the predictive simulation module further performs historical simulations based on actual loss data of the business enterprise.
11. The method of claim 9 , wherein the vulnerability model further incorporates an environmental condition profile at one or more sites of the business enterprise.
12. The method of claim 9 , wherein the vulnerability model further incorporates a geo-political condition at one or more sites of the business enterprise.