First American Proxix Solutions Adds Risk Concentration to Its Hazard Risk-Management Solution
April 1, 2008, PALM HARBOR, Fla.
First American Proxix Solutions, a member of The First American Corporation (NYSE: FAF) family of companies and a leading provider of geospatial technology, data and software, today announced the addition of risk concentration as an option in its CATUM automated insurance suite.
One of the challenges facing property and casualty companies is the ability to accurately identify a concentration of policy risk within a geographic area. Traditionally, property and casualty companies have attempted to measure risk concentration by counting the number of policies in a defined geographic region, such as counties, cities or ZIP codes. However, this method does not identify whether policies are clustered or dispersed within a given geographic region.
To address this, First American Proxix Solutions developed a set of grid layers in varying square-mile areas for all 50 states, which have been integrated within CATUM as layer options. CATUM processes street addresses using its proprietary high-precision parcel-level geocoding and spatial analysis technology and appends a cell identification to each record according to the selected grid matrix. Insurers can then import files into their reporting application and generate reports detailing the number of policies and the total exposure in a specific area. Appended files can be shipped in shapefile format for map display.
“Extending our hazard risk management solution offering to include risk concentration provides property and casualty companies with the accurate information they need to intelligently assess their risk concentration at the time of rate quote,” stated Howard Botts, Ph.D., executive vice president of First American Proxix Solutions. “This helps insurers meet the catastrophe risk management requirements that AM Best has incorporated into its rating processes.”
For more information on First American Proxix Solutions’ insurance products and solutions, contact 866.781.2662, ext. 305 or visit www.proxix.com.
About The First American Corporation
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of $8.2 billion in 2007, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information and First Advantage. More information about the company and an archive of its press releases can be found at www.firstam.com.