CNA Transitions to AIR Worldwide as its Primary Catastrophe Risk Management Platform

Rhea-AI Summary

On July 13, 2020, AIR Worldwide, a Verisk business (Nasdaq: VRSK), announced that CNA has adopted its Touchstone catastrophe risk modeling platform. This transition aims to enhance CNA's underwriting process effectiveness across multiple business lines. Touchstone will now be accessed via the AIR Cloud, allowing for quicker hazard and loss analysis. The adoption of this technology is expected to improve workflow efficiency and productivity by enabling simultaneous modeling of multiple perils. Over 30 (re)insurance carriers have switched to AIR’s platform since 2013.

Positive

• CNA's adoption of AIR's Touchstone solution is expected to enhance underwriting efficiency.
• Touchstone offers real-time hazard and loss analysis, improving decision-making speed.
• The technology is designed to streamline workflows and integrate with CNA’s underwriting systems.

Negative

• None.

Boston, July 13, 2020 (GLOBE NEWSWIRE) -- Catastrophe modeling firm AIR Worldwide announced that CNA has transitioned to AIR’s Touchstone solution as its primary catastrophe risk modeling platform. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

“We are excited to leverage AIR’s powerful catastrophe modeling solution to support our multiple lines of business during the underwriting process,” said Tom Stone, vice president of aggregation and catastrophe management at CNA. “AIR has a track record of providing scientifically credible models and combined with Touchstone, this complete solution will provide us with more analytics to make risk management, pricing, and risk selection decisions.”

As part of the agreement, CNA is accessing Touchstone in the AIR Cloud as a secure and cost-efficient alternative to on-premise deployment. CNA is also licensing AIR’s Web Services to connect to AIR’s cloud infrastructure and obtain hazard, and loss analysis output in seconds; and Touchstone APIs to integrate with CNA’s underwriting systems as part of their IT transformation efforts. For CNA’s newly created National Accounts line, AIR is also providing support using its data services to scrub and prepare submissions for quotes from brokers. 

“CNA emphasized the importance of account modeling time and its impact on workflow efficiency,” said Rob Newbold, executive vice president at AIR Worldwide. “The ability of Touchstone to model multiple perils at one time, coupled with our powerful Web Services tools to help reduce manual steps such as data transformations and analysis setup, will help improve their overall productivity and integrate seamlessly within their large property and small/middle market underwriting systems.” 

“It’s been a positive experience working with AIR as they provided a unique solution to help streamline our workflows,” continued Stone. “Through this customization we are able to achieve levels of performance and speed not possible in our previous solution. Touchstone is truly a versatile technology solution that has significantly sped-up our entire underwriting process. Additionally, AIR’s implementation team was fully supportive of our needs and made the transition go smoothly, significantly mitigating the potential impact of transitioning to a new model vendor.”

Touchstone is a total risk management solution designed to perform the advanced analytics that companies need to own their risk. Since 2013, more than 30 (re)insurance carriers have switched to AIR’s advanced modeling platform to help them better manage catastrophe risk.

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, 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.

About CNA    
CNA is one of the largest U.S. commercial property and casualty insurance companies. CNA provides a broad range of standard and specialized property and casualty insurance products and services for businesses and professionals in the U.S., Canada and Europe, backed by 120 years of experience and more than $45 billion of assets. For more information about CNA, visit our website at www.cna.com.

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

Allyson Marcus
CNA
267-994-9052
Allyson.marcus@kemperlesnik.com

FAQ

What significant change did CNA make regarding catastrophe risk modeling?

CNA transitioned to AIR Worldwide's Touchstone solution as its primary catastrophe risk modeling platform.

When did CNA announce its partnership with AIR Worldwide?

CNA announced its transition to AIR's Touchstone solution on July 13, 2020.

How does AIR's Touchstone benefit CNA's underwriting process?

Touchstone helps CNA streamline workflows, model multiple perils simultaneously, and improve risk assessment efficiency.

What is the relationship between AIR Worldwide and Verisk?

AIR Worldwide is a business unit of Verisk, listed on Nasdaq under the symbol VRSK.