(Image source: Synchron0 Group.)

Synchrono Group (SynchronoSure; Raleigh, N.C.), a technology augmented underwriting business for commercial property/casualty and workers compensation insurance, has licensed Karen Clark & Company’s (KCC, Boston) full suite of U.S. catastrophe models, delivered through KCC’s new underwriting application. The new tool is powered by KCC’s rapid, high-resolution modeling analyses that drive the underwriting and decision-making processes for complex commercial policies, according to a company statement.

“We’re very pleased to be partnering with SynchronoSure, an exciting new startup led by industry veterans who know the business,” comments Karen Clark, KCC CEO. “We’re looking forward to working with their diverse team of underwriting, actuarial, and other technical experts who are well-positioned to leverage the advanced capabilities of the KCC models and applications.”

“Our business is designed to properly match exposure to price for all aspects of the policies we underwrite, leveraging both traditional and non-traditional data,” comments Steve Hartman, CEO, SynchronoSure. “Proper recognition of and pricing for the catastrophe exposure on a policy requires accurate catastrophe models across all perils, including severe convective storm and winter storm.”

Hartman adds that SynchronoSure selected the KCC models because their advanced, scientific methodologies provide complete and consistent spatial coverage for credible, high-resolution, location-level loss estimates rather than relying on generic territorial loads embedded in standard loss costs.  “We believe this approach provides us with a better, more refined price point for the accounts we underwrite on an account by account basis,” he says. “Additionally, our systems integrate directly with the KCC underwriting application, which can analyze multi-location policies for all perils within minutes, meeting our rigorous standards on processing speed to enable underwriting decisions in minutes rather than hours and days.”

KCC says its new underwriting application boasts other impressive features, such as enabling underwriters to price multiple layers with a single request and providing different correlation options. Additionally, losses can be viewed separately by peril or combined, and the application can assess the impacts of over 100 building characteristics.

“Unlike conventional scoring tools, the KCC underwriter application runs full stochastic event sets to produce accurate policy and location level EP Curves and average annual losses,” comments  Chris Mossey, VP, KCC.  “The agreement with SynchronoSure includes the KCC models for hurricane, earthquake, severe convective storm, winter storm, wildfire, and inland flood.”

Offered as Web Portal

Offered as a web portal, the underwriter application provides insurers with bespoke risk information, fully probabilistic Exceedance Probability (EP) curves, Characteristic Events (CEs), and the ability to manage complex insurance terms, including reinsurance treaties.

“KCC is laser-focused on the accuracy of the loss estimates and on continually updating our models to incorporate changes in the environment and climate,” adds Clark. “We look forward to working closely with the SynchronoSure team to make sure this partnership delivers accurate information along with the operational efficiencies propelling their business.”

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