Syndicates in the Lloyd’s of London are required to submit a series of core and non-core market reports in agreement with guidelines set out by Lloyd’s that ensure profitable business planning and monitoring to safeguard their high standards of underwriting and risk management. Lloyd’s collects this data from the syndicates so it can gain a probabilistic view of syndicates’ exposures to natural catastrophes. This allows Lloyd’s to calculate a market view of natural catastrophe exposures used within the Lloyd’s Internal Model (LIM) for capital setting. There are two series of reports required quarterly and twice a year respectively. Read More
In an ever-changing reinsurance industry ripe with an influx of alternative capital and new competition, reinsurers have had to identify new ways to boost the profitability of their portfolios. One approach to enhancing the strategic planning process—portfolio optimization—assists underwriting and executive teams in determining how much share to allocate to each individual contract and in constructing reinsurance portfolios that balance maximizing returns while minimizing risk. In this post, let’s confront 6 myths about portfolio optimization and debunk them once and for all. Read More
Editor's note: This article originally appeared on Global Reinsurance.
From chatbots that streamline how insurance is being sold directly to customers and fully automated claims processing via mobile apps, to monitoring driver behavior to inform eligibility for discounted policies, it's no secret that artificial intelligence, or AI, is a disruptive technology that is here to stay, with many use cases that can be applied to the insurance industry. The ability to reduce the need for humans to be part of an external customer interaction is a major efficiency gain, but there are also a host of less spoken about, but perhaps just as impactful, ways that machine learning (a facet of AI) is now being used to find efficiency gains within property reinsurance companies. With the growth in computer learning an automation companies are looking at intent based networking as a way to make the running of networks smoother. There is still a place for human interaction with customers utilising technology, however, there are some companies that have implemented the use of the customer service chatbot similar to those by Botpress which have become increasingly popular for such use. Nevertheless, there are still those who prefer the human element, with software like help desk by Salesforce is the sort of customer service solution that businesses find to benefit customer relations... what is help desk? Read More
Beginning today, you’ll notice that Analyze Re has new branding – most notably seen via our new logo and color scheme used throughout our website and across our other properties. Our rebranding is about more than just a logo swap though, so in this post, I’d like to take a few moments to explain what it all means for you. Read More
Deciding how best to go about running additional analyses and integrating catastrophe modeling output into a reinsurer’s own internal analytics system is no simple matter, and the consequences of getting it wrong can be significant. According to McKinsey, 71% of large IT projects (those with price tags exceeding USD 15 million) face cost overruns, and 33% run at least 50% over budget. Read More
Historically reinsurers have had to invest heavily in developing their own proprietary IT systems. Much of this was driven by the fact that third-party solutions were simply not available in the marketplace. Over the past 10 years, the insurance technology landscape has been transformed dramatically, and reinsurers regularly confront the decision of whether it makes more sense to build their own proprietary system to solve a problem or purchase a third-party solution. Read More