Frank Fortunato, Catex A question of clarity


Interview:


The industry needs to innovate in the way it uses data, says Catex CEO Frank Fortunato.


T


he tough market environment, coupled with looming regulatory change, will


require risk-bearers to improve data quality and necessitate more innovation in the way that the data is used. That is the view of Frank Fortunato, chief


executive officer of Catex. “For there seems to be a great urgency coming from outside the sec- tor, for better data to be used for underwriting- based decisions,” he says. “By better data, I don’t mean data differ-


ent from what the industry already collects, but rather that the industry has a better way of ex- amining the data that it already collects.” Fortunato says that insurers should look to


the way banks allow their customers to con- stantly monitor their accounts at a very granu- lar level in order to improve the clarity of their own reporting.


“Because some business is now presented as


one aggregated lump it is hard for the syndi- cates to discern exactly what they are insuring at any given time,” he says. “They have a good general idea but they need to able to view the data on a disaggregated basis, to enable them to see what is included in that delegated busi- ness on a product by product or coverholder by coverholder basis at any one time.” This would enable underwriters to drill


down into the data and see which policyhold- ers were putting in the most claims, giving them the chance to evaluate whether it was worth continuing to provide cover to them. “It’s not rocket science,” argues Fortunato.


“We have been pushing to break that aggre- gated lump into a very disaggregated granular format, which would then enable you to match specific premiums, claims, endorsements and


24.10.11 MONDAY


Interview: Frank Fortunato, chief executive, Catex


reports to the most disaggregated level possible. “Our flagship product is a re/insurance transaction system which, carries the entire life- cycle of an insurance or reinsurance transac- tion. A sub-set of that product is the Catex bor- dereau programme management system that, with its detailed reporting firepower, allows for all the financial information to be attached at the location level.”


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