Loss Costs
Uncover the true cost of insuring a risk and avoid miscalculations with loss cost data.
eBook: An Insurance Underwriters' Guide
Identify, connect, and surface the right data to quickly inform the best decisions with Location Intelligence.
The cutting edge of data-driven underwriting
Moody's Loss Costs are distilled from terabytes of catastrophe simulation data, enabling real-time, ultra-high-resolution insight. The Moody's Location Intelligence API can provide this insight quickly, accurately, and with minimal technical overhead. Simply send an address or coordinates with optional details on building attributes and the API returns a loss cost. Full documentation is available to support the scientific assumptions underlying each metric, and API-based implementation is frictionless, simple, and fast.
Benefits
Refine Risk Pricing
Ensuring price adequacy is critical to profitability. Natural catastrophe pricing is particularly challenging due to the lack of historical claims. By using data derived from Moody's RMS best-in-class risk models, loss cost data can be used at the point of underwriting to provide location-level refined risk pricing.
Streamline Automation
Moody's Location Intelligence API is designed to return data instantaneously. This allows users and automated underwriting portals to access industry-leading model science in real-time to help underwrite and price risks appropriately.
Account for Vulnerability
Different building stocks can exhibit significantly different loss potential, even when exposed to the same hazard. Moody's loss cost data enables users to benefit from the information that is known about a risk to help fine-tune pricing, informed by claims data and engineering studies.
Ensure Consistency
Moody's Loss Cost data enables users to access the same science that underpins our probabilistic models at the point of underwriting, to help eliminate the use of disparate data driving inconsistent decisions across the insurance workflow.
Available Perils
- Earthquake
- Flood
- Hail
- Storm Surge
- Terrorism
- Tornado
- Wildfire
- Wind
- Winterstorm
Deductible Support
Need to provide multiple deductible options? Use our fast API to get the deductible-adjusted results in milliseconds.
Refining risk assessment with Moody’s Loss Cost Data
Navigate the complexities of underwriting residential and small commercial properties with Moody’s Loss Cost data, a key feature of Location Intelligence API. This video highlights how integrating detailed loss cost insights into the underwriting process enhances risk evaluation and pricing strategy, reinforcing data-driven decisions in an ever-competitive insurance environment.
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Resources
The Data Difference
The value of data as a driver of business decisions has grown exponentially as the importance of generating sustainable underwriting profit becomes the primary focus for companies in response to recent diminished investment yields. Increased risk selection scrutiny is more important than ever to maintain underwriting margins. High-caliber, insightful risk data is critical for the data analytics that support each risk decision The insurance industry is in a transformational phase where profit margins continue ...
Underwriting With 20:20 Vision
Risk data delivered to underwriting platforms via application programming interfaces (API) is bringing granular exposure information and model insights to high-volume risks The insurance industry boasts some of the most sophisticated modeling capabilities in the world. And yet the average property underwriter does not have access to the kind of predictive tools that carriers use at a portfolio level to manage risk aggregation, streamline reinsurance buying and optimize capitalization. Detailed probabilisti...
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