AIR adds geocoding feature from Precisely to enhance its cat models

Clients of catastrophe modeling firm AIR Worldwide can now access a premium international address-level geocoding feature from Precisely to enhance the quality of their exposure data.

The new functionality is offered as part of AIR’s Touchstone 2020 software release. Licensed and configured users can import or re-geocode exposure data with street addresses, with the option to include high-resolution address-level international geocoding services for use with Touchstone loss, hazard, and geospatial analyses.

AIR clients can also pass the premium geocodes on to their downstream insurers, brokers, reinsurers and retrocessionary insurers, allowing them to provide re/insurance quote and pricing decisions using the same location-specific geocodes.

Touchstone 2020 also includes several enhancements designed to simplify data transfer, enhance integration, and improve user workflows. AIR is also introducing more flexibility to bring-in custom vulnerability functions through Model Builder, enabling users to create their own view of risk based on AIR model outputs.

Gayatri Natarajan, vice president of product at AIR Worldwide, said the loss predictions from cat models are improved with access to data about properties, replacement values and physical characteristics such as location.

“Having the right latitude and longitude coordinates for a property can have an enormous bearing upon the accuracy of risk estimation, and the impact that extreme events might have on that property,” Natarajan said. “Through our collaboration with Precisely, Touchstone 2020 will help support clients’ ability to access this feature for international properties.”