Gain perspective on how underwriters assess your property portfolio.
The Underwriting Assessment Report is a generated report on the Archipelago platform that comes included with the Archipelago Intelligence package. The report provides commercial property risk managers, CFOs, and brokers with the perspective of underwriters by summarizing the general COPE (construction, occupancy, protection, and exposures) characteristics of their portfolios.
The Underwriting Assessment Report consolidates important portfolio information valued by underwriters during the initial triage phase of submission review. This data is typically referred to as accumulations, aggregations, or exposure management insights. The unique view of the report provides visibility into the preferences and priorities of underwriting, helps Archipelago customers to formulate a narrative most likely to increase participation from underwriters, and creates opportunities to improve downstream insurance outcomes.
The Underwriting Assessment Report acts as a complement to the Archipelago Readiness Report which focuses on portfolio data quality and benchmarks against other portfolios. In addition to providing risk visibility related to COPE information, the Underwriting Assessment Report also features a section on Losses providing a standard five-year historical view of loss history linked to properties within the portfolio. By summarizing both exposure and loss data, the report provides greater insight into the future risk of the portfolio based on past evidence and characteristics that can be used to model risk into the future. Together, both the Readiness Report and the Underwriting Assessment Report work to position Archipelago customers for success in their next renewal and to form more robust, data-driven risk management decisions overall.
Interested in taking a closer look at the Archipelago Underwriting Assessment Report? Watch the walkthrough video below for a first-hand look.
Welcome to Archipelago.
This video provides an overview of The Underwriting Assessment Report.
This report is available to Risk Managers and Brokers on the Archipelago Intelligence package. Access the report by visiting the Reports section of the platform.
Commercial property risk managers, CFOs, and their brokers can leverage the Underwriting Assessment Report to gain valuable perspective in understanding how their submissions are received by carriers so that they might be able to better influence their own outcomes at renewal.
In the overview section, the report provides a snapshot of the submission including the TIV, total number of properties, and the Archipelago Readiness Level. The Readiness Level is used as an indicator of portfolio data quality benchmarked against hundreds of other portfolios, with Level 3 representing portfolios of the highest data quality.
If multiple years of SOVs have been compiled for this portfolio, the report makes it easy to understand how the portfolio has changed since its last renewal.
The main body of the report is called the risk summary and is tabular in nature providing access to views for Geography and Hazards, Occupancy and Construction, and Losses specific to the submitted portfolio.
Geography and Hazards
The Geography and Hazards portion of the report provides a sense of how the portfolio is distributed around the world along with its exposures in those locations. The graph on the right-hand side reflects the property concentrations tied to exposures selected in one of the two drop-down menus. For example, this is a view of earthquake-exposed properties in the United States.
To the left, there are two graphs depicting Top Countries by TIV as well as the top US states as relevant to the portfolio.
Occupancy and Construction
As the label implies, the next section shows Occupancy and Construction details that factor heavily when underwriters conduct speedy assessments against the carrier’s risk appetite.
First, the report lists the Top Specific Occupancies in a ranked order while also showing the change in TIV based on the previous renewal. Next, there is another ranked list which specifies the top general construction types.
Finally, there are three graphic depictions of sprinkler protection of the properties tied to the combustion attributes of the building along with their representation of overall TIV.
The Losses tab provides details to loss history across all properties represented as line graphs showing Loss Severity, Loss Frequency, and Loss Cost. These graphs can be modified by the two drop-down menus to show the loss type, for example, attritional loss versus catastrophic loss, and also provide some filtering including the omission of disposed properties.
Altogether, the Archipelago Underwriting Assessment Report packs a tremendous amount of property risk data into an intuitive and insightful report. Most importantly, it sheds light on the underwriting process to help risk managers and brokers understand how to better position their submissions to the market. For more information or to request report access, contact your Archipelago representative or visit onarchipelago.com.
Written by Joe O'Neill
Senior Product Marketing Manager at Archipelago: Joe is focused on promoting the Archipelago platform to the benefit the commercial property insurance value chain. He has specialized his career in supporting growth stage companies and most recently spent eight years in the cybersecurity industry. He holds degrees in communication studies and business administration, and currently lives in the greater Washington, DC area with his family.