WALTHAM, Massachusetts -- Sept. 5, 2018 -- Weather Analytics LLC, a leading provider of risk analysis for insurance carriers, today announced significant additions to its product suite and renaming of the company as “Athenium Analytics.”
“The announcements mark significant steps in broadening solutions for carriers to measure and improve quality assurance and to support decision-making in claims and underwriting,” said Bill Pardue, Chairman & CEO of Athenium Analytics.
“We will continue to advance modeling of weather hazards,” Pardue said. “But we also can assist insurers beyond those risks. The new products help improve decision-making for diverse lines of business – from underwriting commercial auto fleets, to assessing builders’ risks.”
“New functionality also will help pinpoint incidences of claims overpayments and detect unwarranted delays in services to policyholders,” Pardue said. Solutions being introduced this fall include:
A contributory database among carriers to reduce risk and improve profitability in commercial-auto insurance,
Advanced artificial intelligence capabilities to automate reporting of roofing and property attributes at multi-structure commercial sites,
Highly granular verification of severe weather events by Athenium’s teamthink product, combining the leading solution for auditing quality assurance with Dexter, the premier weather verification tool, and
An underwriter’s dashboard to analyze builders risk -- integrating client information, third-party content and predictive modeling from Athenium Analytics.
Weather Analytics announces an expansion of its product suite and a new name, Athenium Analytics. The broadened product line will provide @athenium customers with additional tools to make smarter claims and underwriting decisions Tweet
The product announcement follows Weather Analytics’ acquisition of and merger with Athenium Inc. earlier this year. A new website being launched today, www.athenium.com, features the new solutions. Jake Gerber led Client Services for Athenium Inc. and now is Vice President of Product Management for the combined companies.
“Increasingly over the next two years,” Gerber said, “Athenium Analytics will become the preferred one-stop shop for risk analysis and quality assurance. I am especially excited about our new ability to help carriers predict which claims and underwriting decisions may pose the biggest threats.”
“But the broader future is artificial intelligence,” Gerber continued. “Our data scientists and computer-vision experts can help claims departments understand much faster which claims were likely handled correctly, and where there may be serious deviation from best practices, or even fraud.”
Dr. Ellen Cousins, Chief Science Officer of Athenium Analytics, added, “The new branding springs from experience serving some of the largest global insurers and national carriers – plus, supporting a broad spectrum of regional and state mutual insurers.”
“Equally important to product development,” Cousins said, “have been the risk modeling and machine learning created over the past five years through Weather Analytics’ service to the U.S. Intelligence and Defense Communities, as a portfolio company of In-Q-Tel, the private nonprofit venture fund.
“Capabilities created with In-Q-Tel investments have been essential in constructing subscription-based products for insurers,” Cousins said, “as have product collaborations with global insurance carriers.”
Athenium Analytics has offices in Washington, D.C., Waltham, MA, and Dover, NH, with a total of more than 100 employees in the three locations. Recruiting continues for additional scientists and technologists in all three locations, Dr. Cousins said.
ABOUT ATHENIUM ANALYTICS
Athenium Analytics supports insurance carriers and financial traders worldwide with decisive and reliable business intelligence through intuitive, easy-to-use web applications. Our innovative quality-assurance software and analytics solutions provide customers with meaningful, timely and actionable information they can trust for deeper insight and better-informed decision making.