The effects of climate change can be felt through every industry as catastrophic weather events continue to increase in frequency and severity. The insurance industry is directly impacted by increasing losses and claims activity related to environmental damage but using technology can help mitigate some of those effects. ClimAIteTRACK is a platform from TTS that generates geographically targeted environmental grading and assessments that insurance companies can use to optimize premium revenue. The unique API and analytics sequences in ClimAIteTRACK acquires and processes historical and current weather data and metrics, applying an Environmental Assessment Grade (EAG) and Climate Volatility Index (CVI) for a specific area or location. ClimAIteTRACK assessments can provide strategy for upward premium adjustments as well as build stronger client relationships through platform generated marketing elements. ClimAIteTRACK operations can be fully automated and enables carriers to provide dynamically priced insurance products through the Dynamic Premium Pricing Model feature.
Access and Control Through the Management Console
In the production version of ClimAIteTRACK, parameters, modes and configurations will be accessible through the Management Console (MC). Functions such as DPPM modes, batch data intake, analytics specifications and user access and credential management can be accessed in the centralized MC. The integration of WALT, the AI presence for the TTS eco-system, provides a fast and easy interface where administrators simply ask or request functions or changes as WALT accesses the appropriate screens and modes. Output reporting and statistical analysis can also be accessed by simply asking WALT for the desired metric. ClimAIteTRACK’s internal marketing elements can be configured and deployed accordingly within the MC and through the WALT interface. The agentic interface will enable platform users faster management and configuration of the ClimAIteTRACK system.
Improved Evaluation and User Experience
Upgrades and updates to the ClimAIteTRACK platform will be showcased in the gen 3 evaluation. Instead of static inputs, users will have dynamic interactions with WALT and enter their required metrics directly into the interface. WALT will automate API and analytics tasks and deliver complete grading and reporting in a user friendly and conversational format. This new interface will highlight the AI capabilities of the ClimAIteTRACK platform and improve the overall evaluation experience. Beta testing and feedback will improve WALT functionality within the Management Console and other areas of the ClimAIteTRACK platform.
Dynamic Insurance Products with DPPM
DPPM stands for Dynamic Premium Pricing Model and is a specialized function within the ClimAIteTRACK platform that enables insurance companies the ability to offer dynamically priced insurance products for higher risk areas and other appropriate client scenarios. DPPM automates and increases the frequency of ClimAIteTRACK assessments and generates more upward premium price increases, resulting in more revenue over a policy year period. DPPM can be configured to different intervals and utilizes ClimAIteTRACK’s signature marketing elements to provide further transparency to the policyholder. The DPPM function is fully configurable within the MC and through the WALT interface making management of the function easy and hassle free. Administrators simply make requests to WALT and the agentic interface will activate, configure and apply the DPPM protocol to the specific client or batch. Full and detailed reporting is also generated by the DPPM and is retrieved through the MC by simply asking for the required report. The ClimAIteTRACK 3.0 evaluation will showcase the DPPM function and configurations for public testing.
Better Data, Better Decision Making
ClimAIteTRACK is an insurance management tool from TTS that provides data driven climate assessments for better business decision making. Targeted EAG and CVI reporting gives businesses a better understanding of past and potential environmental impact for targeted locations. Premium revenue can be better managed with better data, mitigating some of the impacts of the current environmental landscape. Improvements in the third generation of ClimAIteTRACK will see the deployment of the Management Console and integrated WALT powered functionality. Upgrades in analytics, reporting and WALT access in the evaluation version will bring ClimAIteTRACK to the gateway for scale and production versions of the platform. Visit the Evaluation Portal to try out the latest version of ClimAIteTRACK: https://traveltechnologysolutions.net/EvalPortal/
