Helping Companies Make The Best Decisions Quickly
As a real-time collaborator and adviser, Insight Catastrophe Group provides advanced and cost-effective risk management tools.
By integrating advanced financial analytics, catastrophe modeling tools and a revolutionary policy-management system, Insight Catastrophe Group is widening the technology gap between the ways it manages risk versus industry norms, according to CEO Andrew DiLoreto. Insight entered the marketplace in 2005 when the leaders of the company saw a need to help bring capacity in an industry experiencing waves of dislocation post-Katrina.
BEST’S REVIEW: How do you differentiate Insight from other companies in the insurance industry?
DILORETO: I think there are really three major differentiating qualities for our company. The first is our approach. It is very much a capital markets-type approach, where we demand of our teams the need to understand the expected economic and return-on-capital effect of our actions as they relate to capital which we are managing. The second is our technology that allows us to integrate the best of traditional underwriting and highly complex analytics into a real-time, workflow underwriting process. The third differentiator is our execution abilities. We are a highly disciplined team and tend to execute very, very rapidly.
BR: How is Insight redefining the management of risk?
DILORETO: Our technology and expert teams have allowed us to apply highly complex inputs into a real-time workflow environment. We can manage the business at the front end as opposed to measuring and validating the consequences of our decisions often weeks, months or quarters after they have been made.
BR: How do you see technology revolutionizing the insurance business?
DILORETO: Simply put, it allows us to do more. But I also think the Web-services-based environment that we’re operating in allows us to integrate both internal and external data sources, and to apply our efforts much more rapidly and directly into the business. We really seek to integrate information across the traditional insurance environments as well as the more current analytical thinking that has come to the forefront. We have the ability to integrate, to measure its impact in economic terms and to rapidly apply that knowledge into the business.
BR: How have you deployed your technology to date?
DILORETO: We’ve done it in three ways. In the first instance, acting as portfolio manager for a major financial player, we use our technology to assist the company in making better, more rapid underwriting decisions. In the second way, we act as an outsourced underwriting manager through our wholly owned subsidiary Coastal Risk Underwriters, LLC (CRU), which is located in Tampa, Fla. CRU operates much like a traditional managing general agent. Through CRU we not only provide a broad array of underwriting and administrative services, but also provide the expertise, the technology and the analytics that’s imbedded in what I described earlier, relative to Insight. And then the third way is more or less a pure software play through a joint venture we have with Risk Management Solutions (RMS) where we offer a desktop version of our underwriting tool to the insurance industry. RMS and Insight jointly market this product under the name of cxRisk Online.
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