Axa launches new underwriting tool

Axa has developed a new underwriting tool designed to assess the risk of flood, subsidence and terrorism risks to its underwriters.

The tool, which was built by location intelligence solution provider Mapflow, enables underwriters to assess risk for individual buildings, reducing quotation time and the number of referrals.

Flood and subsidence risk is currently assessed by post code and can lead to properties being incorrectly assessed due to its broad nature.

Commmenting on the tool, Axa head of underwriting and technical development Steve Wilcox said: "This technology provides our underwriters with the geographical intelligence needed to understand flood, subsidence and terrorism risks.

"It will help us to better understand our risk exposures and accumulation and ensure we are getting value from our reinsurance purchases."

He added: "The tool is available now to all our underwriters and we are developing a version that will be available to brokers."