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Solutions

January 2008

WOLTERS KLUWER INTRODUCES NILS INCOMPASS

Minneapolis, Minn.-based Wolters Kluwer Financial Services announced the release of NILS INcompass, a workflow tool designed to help compliance and legal professionals monitor and implement ongoing regulatory changes within their insurance organizations.

According to Wolters Kluwer, NILS INcompass enables users to monitor an organization’s progress in applying new industry laws and regulations, and also provides detailed information about the changes to help users determine how these regulations apply to their business, and the action steps that need to be taken.

CUSTOM RISK-SCORING MODELS

Insurance Industry Characteristics, a set of predictive variables from Chicago-based TransUnion LLC, is designed for insurance carriers to use to streamline the development of custom risk scores and subsequently manage risk, price policies and identify prospects more effectively. Insurance Industry Characteristics comprise singularly focused credit attributes and, according to TransUnion, reduce model development and implementation time by as much as 75%.

The variables follow the Troy, N.Y.-based National Conference of Insurance Legislators’ (NCOIL) guidelines to help streamline the regulatory approval process. After implementation, TransUnion says it works with the insurer to help identify when a change in regulations may impact the score, determine what variables in the insurer’s score are affected and identify what changes should be made to help make the insurer’s score compliant.

RESIDENTIAL PROPERTY PORTFOLIO ITV ASSESSMENTS

AIR Worldwide Corp. (AIR), Boston, Mass., is offering a service to assess insurance-to-value (ITV) of U.S. residential property portfolios for reinsurance contract renewals. Available for insurers, reinsurers and brokers, the service is designed to draw upon AIR’s residential property database to estimate the replacement value of properties within a portfolio. AIR says its assessment of insurance-to-value enables insurers and reinsurers to make better reinsurance decisions and improve their overall catastrophe risk management.

Insurers take different approaches to estimating insurance-to-value, but often use valuation tools only for underwriting new business. Significant increases in re-build costs over time and improvements to individual properties that are not reported may negatively impact the overall ITV of the insurer’s portfolio. AIR says that its ITV analyses are an ideal solution for an insurer to assess the level of underinsurance in its portfolio and to provide evidence of an adequately valued portfolio to a reinsurer.

AUTOMATED SPREADSHEET RISK DETECTION

Compassoft Inc., Scotts Valley, Calif., a provider of spreadsheet discovery, validation and control solutions for the enterprise, released Compassoft Enterprise v3.5, an automated, policy-based software framework that is designed to continuously assess risk factors in every spreadsheet on every laptop, desktop and database within the enterprise.

Compassoft asserts that large companies and organizations can cast a much wider net to find and prioritize sources of risk as it emerges in new or changed spreadsheets, and implement continuous monitoring controls within their most mission-critical spreadsheets.

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