Political Violence
Integrated diverse risk data into Foundry to deliver granular political violence risk scores, significantly enhancing reinsurance pricing accuracy and geopolitical risk mitigation strategies.
Challenge
- No standard analysis and quantification of risks related to riots, terrorism, and political violence
- Complex integration of multiple structured and unstructured data sources, incl. real-time news feeds and historical data
- Absolute need for data pipelines to remain accurate and up to date while providing actionable insights for pricing and risk mitigation
Solution
- Integrated 20 diverse data sources into a unified framework to develop granular risk scores quantifying political violence risk
- Incorporated risk scores into pricing models used by actuaries
- Created a bespoke workshop application with customizable map widgets for intuitive visualization and exploration of risk dynamics
Results
- Significantly improved ability to mitigate geopolitical risks by integrating risk quantifications into price models
- Empowered the organization with detailed visual tools and a scalable platform for current and future projects
- Enhanced operational efficiency and provided a robust framework for ongoing innovation in risk analysis and management