{"id":53274,"date":"2022-12-08T11:57:36","date_gmt":"2022-12-08T10:57:36","guid":{"rendered":"https:\/\/intellias.com\/?p=53274"},"modified":"2024-01-09T14:26:18","modified_gmt":"2024-01-09T13:26:18","slug":"risk-management-reimagined-to-assess-hazards-globally","status":"publish","type":"post","link":"https:\/\/intellias.com\/risk-management-reimagined-to-assess-hazards-globally\/","title":{"rendered":"Risk Management Reimagined to Assess Hazards Globally"},"content":{"rendered":"<h2 id=\"project-snapshot\">Project snapshot<\/h2>\n<p>The risk of natural hazards is constantly increasing, causing severe losses annually. Our client, a leading global provider of reinsurance, primary insurance, and insurance-related risk solutions, aims to significantly reduce these losses. Forewarned is forearmed \u2014 with over forty years of risk assessment experience, the company provides hazard scores for volcanoes, earthquakes, cyclones, and wildfires and covers extraordinary risks such as cyber attacks or pandemics.<\/p>\n<p>How does Intellias help? Together with our client, we are implementing a location and data risk intelligence platform for assessing the risks of natural disasters and climate change scenarios based on GIS data modeling.<\/p>\n<div class=\"text-section gradient\">\n                <div class=\"text wow fadeInUp\">\n                   <p>The International Emergency Events Database (EM-DAT) reports more widespread natural disasters and hazards that caused losses of over $250 billion worldwide in 2021. Only $120 billion in total losses were insured.<\/p>\n                <\/div> \n        <\/div>\n<h2 id=\"business-challenge\">Business challenge<\/h2>\n<p>The client\u2019s request was to enable easy on-demand management of risks from natural hazards, eliminating potential complexities. For this purpose, Intellias is developing a location risk suite that provides access to quality data, delivers comprehensive location risk analysis, and generates reliable reports.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-53276 size-full\" src=\"https:\/\/d17ocfn2f5o4rl.cloudfront.net\/wp-content\/uploads\/2022\/12\/Risk-Assessment_body-im-1.jpg\" alt=\"Risk Management Reimagined to Assess Hazards Globally\" width=\"771\" height=\"450\" srcset=\"https:\/\/intellias.com\/wp-content\/uploads\/2022\/12\/Risk-Assessment_body-im-1.jpg 771w, https:\/\/intellias.com\/wp-content\/uploads\/2022\/12\/Risk-Assessment_body-im-1-300x175.jpg 300w, https:\/\/intellias.com\/wp-content\/uploads\/2022\/12\/Risk-Assessment_body-im-1-768x448.jpg 768w\" sizes=\"(max-width: 771px) 100vw, 771px\" \/><\/p>\n<h2 id=\"solution-overview\">Solution overview<\/h2>\n<p>In tight cooperation with our client, Intellias is working on R&amp;D and implementing a new product line. We have created a risk suite that comprises two products:<\/p>\n<ul>\n<li><b>a location risk intelligence platform<\/b> for high-quality risk assessment and management of natural disasters and changes in global or regional climate patterns<\/li>\n<li><b>a data risk intelligence platform<\/b> for highly efficient risk-based data protection and IT security management, including third-party risk assessment and global data transfer in accordance with regulatory requirements<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-53279 size-full\" src=\"https:\/\/d17ocfn2f5o4rl.cloudfront.net\/wp-content\/uploads\/2022\/12\/Risk-Assessment_body-im-2.jpg\" alt=\"Risk Management Reimagined to Assess Hazards Globally\" width=\"770\" height=\"654\" srcset=\"https:\/\/intellias.com\/wp-content\/uploads\/2022\/12\/Risk-Assessment_body-im-2.jpg 770w, https:\/\/intellias.com\/wp-content\/uploads\/2022\/12\/Risk-Assessment_body-im-2-300x255.jpg 300w, https:\/\/intellias.com\/wp-content\/uploads\/2022\/12\/Risk-Assessment_body-im-2-768x652.jpg 768w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/p>\n<p>Our client knew that a location and data risk intelligence platform could lay the foundation for more precise analysis of hazards and reduce their impact on entire economies, businesses, communities, and individuals. The ERP grading system we\u2019re developing provides risk management solutions for all areas of business, from compliance and secure documentation modules to eCommerce and geospatial risk analysis.<\/p>\n<p>The Intellias suite enables analysis and management of natural hazard and climate change risks. It considers a wide array of risk indicators, such as tropical cyclone zones, fluvial flood zones, sea level rise indices, fire stress, drought stress, heat stress, precipitation stress, and the likelihood of natural hazards.<\/p>\n<p>All a user needs to do is enter any address from anywhere in the world to get an immediate overall risk score corresponding to the coordinates. The output of identified risks is summarized into a visualized report downloadable in various formats for user convenience. Fast and effective data processing creates a seamless online experience on demand.<\/p>\n<p>Moreover, platform users can access the solution\u2019s services and risk scores via a REST API and seamlessly integrate this data into third-party applications.<\/p>\n<section class=\"section-get-in-touch wow fadeInUp full-width\">\n        <div class=\"container\">\n            <div class=\"row\">\n                <div class=\"col-xs-12 content\">\n                    <div class=\"text-block\">Extend your products and services line with the Intellias tech capabilities<\/div>\n                    <div class=\"button-block\">\n                        <a href=\"https:\/\/intellias.com\/contact\/\" class=\"btn btn-filled\">Contact us<\/a>\n                    <\/div>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n<h2 id=\"value-delivered\">Value delivered<\/h2>\n<p>Natural disasters are devastating, with extreme weather becoming more likely in the years to come. Businesses need to urgently adapt to growing hazards, and insurers must be among the first adopters of risk management solutions. The platform we\u2019re building for our client allows insurers to foresee risks and price different types of disasters to limit potential losses and not overlook valuable risk factors.<\/p>\n<p>The solution developed by Intellias allows for long-term location risk assessment for insurers working in the real estate market, reducing overhead and using machine learning and big data modeling to correctly assess risks for over a 50-year time horizon.<\/p>\n<p>Insurance coverage based on better predictions and analysis helps people, businesses, and even entire economies recover faster after a disaster.<\/p>\n<section class=\"info-block\">\n                    <div class=\"items\">\n                        <div class=\"item\"><div class=\"item-wrap\">\n                    <p class=\"numeric\">50<\/p>\n                    <p class=\"descr\">years planning horizon<\/p>\n                <\/div><\/div><div class=\"item\"><div class=\"item-wrap\">\n                    <p class=\"numeric\">12<\/p>\n                    <p class=\"descr\">risk score hazards<\/p>\n                <\/div><\/div><div class=\"item\"><div class=\"item-wrap\">\n                    <p class=\"numeric\">Global<\/p>\n                    <p class=\"descr\">assessment capabilities<\/p>\n                <\/div><\/div>\n                    <\/div>\n                <\/section>\n","protected":false},"excerpt":{"rendered":"<p>An end-to-end SaaS solution suite for a global reinsurer to assess and manage insurance risks with a planning horizon of up to 50 years<\/p>\n","protected":false},"author":24,"featured_media":53289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[13,31],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Risk Management Suite to 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