American Family Insurance Brings Catastrophe Modeling In-House: Uses AIR’s Touchstone Software Platform
American Family Insurance Brings Catastrophe Modeling In-House:
Uses AIR’s Touchstone Software Platform
BOSTON, April 4, 2016 (GLOBE NEWSWIRE) — Catastrophe modeling firm AIR Worldwide (AIR) today announced that American Family Insurance Group, the third-largest mutual property/casualty insurance company in the United States, has chosen to conduct catastrophe modeling in-house by implementing AIR’s Touchstone® platform to support its enterprise risk management practice. American Family will connect to Touchstone through the AIR Cloud, a secure, feature-rich environment that enables American Family to conduct all of its analyses from anywhere while minimizing capital expenditure. AIR Worldwide is a Verisk Analytics (Nasdaq:VRSK) business.
Touchstone provides a comprehensive solution to understanding the risk from a broad range of catastrophe perils, which can help insurers and reinsurers make better informed pricing, underwriting, and risk transfer decisions. AIR developed Touchstone to give companies the flexibility to deploy the environment however they choose, be it a traditional on-premises installation or in the cloud.
“Bringing catastrophe modeling in-house is a trend continuing across the industry as companies like American Family increasingly look to perform more sophisticated risk management analyses,” said Rob Newbold, executive vice president, AIR Worldwide. “We’re pleased American Family selected Touchstone and our innovative cloud offering to help bring them to the next level in their catastrophe risk management capabilities.”
American Family has licensed several of AIR’s catastrophe models for the United States, as well as additional analytics and data quality capabilities.
Newbold concluded, “When it comes to the deployment of AIR software, we believe in choice. Clients that wish to move their catastrophe modeling environment into the cloud to take advantage of the resource efficiencies that environment has to offer have that option with Touchstone. AIR offers companies remote access to Touchstone in a secure environment, while providing the same functionality as an on-premises installation without incurring the costs required to build and maintain a catastrophe modeling environment on-site.”
About American Family Insurance
Madison, Wisconsin-based American Family Insurance is the nation’s third-largest mutual property/casualty insurance company and ranks 358th on the Fortune 500 list. The company sells American Family-brand products, including auto, homeowners, life, business, and farm/ranch insurance, through its exclusive agents in 19 states. American Family affiliates (The General, Homesite, and AssureStart) also provide options for consumers who want to manage their insurance matters directly over the Internet or by phone. Web: www.amfam.com; Facebook: www.facebook.com/amfam; Twitter: www.twitter.com/amfam. Google+: plus.google.com/+amfam/
About AIR Worldwide
AIR Worldwide (AIR) provides catastrophe risk modeling solutions that make individuals, businesses, and society more resilient. AIR founded the catastrophe modeling industry in 1987, and today models the risk from natural catastrophes and terrorism globally. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk Analytics (Nasdaq:VRSK) business, is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
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Category: Globe Newswire