Commercial Risks

There are many complexities and intricacies that exist with all commercial risks but especially such risks as commercial auto, workers comp, general liability, E&O/D&O, etc. With complex lines of business, there is more subjectivity in the information about the respective risks and more judgment in interpreting risks. This results in a lot more unstructured data about the risks.

Great Complexities = More Unstructured Data

With the greater complexities, the entire risk cycle generates more information, most of which is unstructured. Risk managers spend more time considering, documenting, and explaining various loss scenarios. Engineers spend more time evaluating potential complications and implications. Agents and brokers develop larger and more involved submissions. Underwriters accumulate more information, consult more experts, evaluate more options, and develop more involved coverages and pricing.

More Experts Involved

When claims happen, there is more effort to mitigate damages and contain losses. Experts and second experts are consulted to evaluate what happened, why it happened, what should be done to settle the claim quickly and fairly, and how similar situations can be prevented to avoid future claims. There are more claims experts consulted, legal positions considered, evaluated, and pursued or not pursued.

Understanding WHY

Granted, there is nothing more important than the amount of money paid in expenses, the amount paid in losses, and obtaining complete and full closure to all claims. However, there is significant value in understanding why things happened, why various decisions were or were not made, why strategies were or were not successful, why an aberration occurred in loss activity, and on and on. This insight is contained in the narrative information – the unstructured data.

Differentiate Good Risk From Bad

The ability to analyze unstructured data creates the ability to understand the wealth of information about risks that are residing as dormant bits and bytes in most IT systems. Those characteristics that differentiate good risk from bad are contained in the unstructured data. ctFLY brings the ability to find those critical insights from which more risks with better pricing can be written quickly and efficiently.

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