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November 17th, 2010
Allianz invests in Business Insight Technology

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The Fire Insight product suite is an innovative and powerful range of probabilistic computer models giving a highly detailed perspective into the distribution of Commercial Property risks across the UK. The models are based on extensive research using the latest available information, powerful computing and the most sophisticated analytics to identify areas most likely to experience a deteriorating loss ratio due to fire. Fire Insight© allows Allianz to enhance their existing view of high and low risk areas and adjust their underwriting and pricing approach accordingly. It also provides insight into postcodes where Allianz has little existing claims data, allowing them to tune their underwriting for greater accuracy.

Peter Adlington, Manager Property & Commercial Reinsurance at Allianz, said: “Reducing our exposure to fire claims is a major issue for commercial insurers and we are always looking for new tools to improve our exposure management. Business Insight have developed an impressive solution and we are confident that the Fire Insight© product will be a valuable tool for our underwriters, providing a deeper, more precise, understanding of our risk exposure.”

Mark Harrison, Business Insight Managing Director, said: “Allianz is one of the leading commercial property insurers in the UK and we are really pleased to be selected as a supplier partner. Our Fire Insight© model is one of a number of brand new predictive perils risk models we have brought to market recently and is best of breed in terms of the sophistication of the underlying computations and the resulting predictive accuracy. Business Insight is committed to providing Insurers with the best quality products, coupled with highly experienced back-up and support. We believe this to be a compelling solution for the market.”

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