In an industry slow to embrace change or technology, Ventus stands apart. The Company’s use of applied technology at every stage of the process transforms the landscape of insurance risk transfer, updating and streamlining a traditionally archaic business model while improving risk selection and analysis.
By leveraging its proprietary technology, Ventus will become a market leader and set a new standard for underwriting and managing catastrophe exposed insurance risk.
The Ventus Difference
Automated submission acceptance and review system saves time, reduces error, and dramatically streamlines the underwriting process while, at the same time, improving data integrity and risk selection.
Cat model integration is currently fully automated with AIR Touchstone 4.0, with plans to add RMS integration shortly.
Cloud-based infrastructure with leading-edge technology stack.
Utilization of third-party data sources enhances the data quality.
State of the art analytics provide more complete and transparent risk analysis.
Technology Drives Value
Under the legacy approach, it may take days or weeks to properly model risks and generate price quotes. In high volume periods, underwriting processes and discipline are often “short-cut”. Real-time risk management is not available.
With its proprietary underwriting platform, Ventus Insurance Knowledge Interface (VIKI), and in-house expertise, Ventus easily interfaces with the market in the current paradigm (email, pdf etc.) without requiring additional work by the producer.
Submission data received is transformed to a structured format. VIKI then begins the process of augmenting the data with third-party sources and proprietary algorithms. All data is stored in easily searchable schema.
Efficiency, risk pricing integrity, risk management and the marketing experience are improved throughout the process.
The Company’s unique ability to analyze and report on risks in real-time and in more detail makes its portfolio of risks more attractive to both traditional (re)insurers and capital markets investors.
Emphasis initially is on light to moderate hazards for selected industries and occupancy types.
Underwriting guidelines are objective and responsive to both market conditions and loss experience.
Pricing adheres to profitability guidelines.
Extensive use of third-party data sources aids to augment and verify submission data, including secondary characteristics and building valuation.
Preferred occupancy types:
Hotel / Motel
Elder Care Facilities
Warehousing (General Commodities)
Ventus has built a unique technology platform that will substantially enhance the underwriting proposition for all catastrophe exposed insurance businesses.
Ventus' technology does not focus on disrupting the distribution chain. By using artificial intelligence, Ventus is able to conform to the current market workflow of email and attached PDFs and spreadsheets. Most importantly, Ventus does not require producers to do any additional work in cumbersome underwriting web portals.
At Ventus, our underwriters already experience a 10x improvement in time and efficiency in processing quotes while still maintaining full underwriting integrity.