AIR Collaborates with Precisely to Offer Clients Premium International Geocoding in Touchstone 2020

Rhea-AI Summary

AIR Worldwide announced the release of its Touchstone® 2020 software, enhancing exposure data quality through a premium international address-level geocoding feature from Precisely. This integration aims to improve risk estimation by providing accurate latitude and longitude coordinates, crucial for assessing the impact of extreme events on properties. Clients can now import geocoded data for better insurance and reinsurance decisions. The update also simplifies data transfer and workflow, along with introducing customizable vulnerability functions via Model Builder.

Positive

• Introduction of premium international address-level geocoding feature enhances exposure data quality.
• Improved accuracy in risk estimation due to precise location data.
• Clients can utilize geocodes for better insurance and reinsurance pricing decisions.
• Touchstone 2020 simplifies data transfer and user workflows.

Negative

• None.

Boston, July 15, 2020 (GLOBE NEWSWIRE) -- Catastrophe modeling firm AIR Worldwide today announced that as part of its Touchstone^® 2020 software release, clients now have the ability to access a premium international address-level geocoding feature from Precisely, the global leader in data integrity, to enhance the quality of their exposure data. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

“Using high quality exposure data, such as any information about the property, its replacement value, and its physical characteristics including the location of that property, has a significant impact on the loss results generated by a catastrophe model,” said Gayatri Natarajan, vice president of product, AIR Worldwide. “Having the right latitude and longitude coordinates for a property can have an enormous bearing upon the accuracy of risk estimation and the impact that extreme events might have on that property. Through our collaboration with Precisely, Touchstone 2020 will help support clients’ ability to access this feature for international properties.”

As part of this integration, licensed and configured users will be able to import or re-geocode exposure data with street addresses, and have the option of including high-resolution address-level international geocoding services for use with Touchstone loss, hazard, and geospatial analyses. AIR clients can also pass the premium geocodes on to their downstream insurers, brokers, reinsurers, and retrocessionary insurers so that they can also make insurance and reinsurance quote/pricing decisions using the same location-specific geocodes on the client’s behalf. Users will also have the option to control which locations are not sent to the premium geocoder by country or by line of business.

“Precisely geocoding enables organizations to organize, locate, and geo-enrich address data on a global scale to provide greater context and make better business decisions,” said Clarence Hempfield, vice president, Product Management, Precisely. “AIR is an innovator in the catastrophe modeling industry, and with Precisely’s best-in-class geocoding, Touchstone provides trusted, enriched location data to enhance catastrophe modeling to meet the performance, transparency, and flexibility needs for AIR clients.”

Touchstone 2020 also includes several enhancements that simplify data transfer, enhance integration, and improve user workflows, including a quick way to update perils in the Touchstone user interface. AIR is also introducing more flexibility to bring-in custom vulnerability functions through Model Builder, which enable users to create their own view of risk based on AIR model outputs.

About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com. For more information about Verisk, a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services, please visit www.verisk.com.

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For more information, contact:
Kevin Long
AIR Worldwide
+1-617-267-6645
klong@air-worldwide.com

FAQ

What is the purpose of the Touchstone 2020 software release by AIR Worldwide?

The Touchstone 2020 software release enhances exposure data quality through a premium international address-level geocoding feature.

How does the new geocoding feature impact risk estimation for AIR Worldwide clients?

The new geocoding feature provides accurate latitude and longitude coordinates, significantly improving risk estimation and the assessment of extreme events on properties.

What benefits does the integration with Precisely offer to AIR Worldwide clients?

The integration allows clients to import geocoded data, improving insurance and reinsurance pricing decisions using accurate location-specific geocodes.

What additional enhancements are included in Touchstone 2020?

Touchstone 2020 also includes simplifications for data transfer, improved workflows, and customizable vulnerability functions through Model Builder.

When was the Touchstone 2020 software released?

The Touchstone 2020 software was announced on July 15, 2020.