American Family licenses KCC catastrophe models

American Family licenses KCC catastrophe models | Insurance Business

American Family licenses KCC catastrophe models

Karen Clark & Company (KCC) has announced that American Family Group has licensed KCC’s full suite of US catastrophe models. The models are delivered through KCC’s RiskInsight open loss modeling platform.

“We’re thrilled to be partnering with American Family, one of the country’s largest and most highly regarded insurers,” said Karen Clark, CEO of KCC. “We’re looking forward to working with their diverse team of risk management, actuarial, modeling, and other technical experts, who are well-positioned to leverage the capabilities of the KCC models and applications.”

“Effective catastrophe modeling practices require unique and valuable views of risk,” said Joseph Gates, chief risk officer at American Family. “We value models that are rigorous in their scientific application and generate high-resolution loss estimates with complete spatial coverage.”

The multi-year agreement includes KCC models for hurricane, earthquake, severe convective storm, winter storm and wildfire.

“Along with the models, American Family will benefit from KCC’s daily Live Event support,” said Mike Tine, KCC senior director. “For example, KCC’s advanced and automated processes provide hail and tornado/wind intensity footprints by 7am EST each morning that American Family can use to monitor and manage daily claims activity. KCC also provides Live Event footprints, claims, and losses for hurricanes, wildfires, and winter storms.”

Read next: Why was the Texas freeze such an unprecedented event?

“For KCC, it’s not just about the models, but how we can continually add value to our modeling applications and our clients’ processes,” Clark said. “KCC is also laser-focused on the accuracy of the loss estimates and making sure our models are always up to date with respect to changes in the environment, including the climate.”

“We value full transparency on model components and continual innovation in the catastrophe modeling space,” Gates said. “Access to catastrophe modeling tools is one key input to effectively managing risk and serving our customers.”