International specialty re/insurance group Chaucer has elected to use an exposure management platform for specialty risks from Allphins.
By using the platform, Chaucer hopes to gain insights into its Energy Reinsurance risk accumulation, allowing for better decision making.
The re/insurer notes that limited and unstructured data is often the root cause of low confidence in exposure management figures, leaving risk professionals unable to fully control the amount, and the quality, of risk sitting in their book.
“One of the biggest challenges we face is accurately monitoring our exposure pre and post placement,” says Chris Baker, Head of International and Specialty Reinsurance at Chaucer.
“Allphins enables our underwriters and exposure managers to pinpoint with greater precision our exposure over time. Not only are we able to generate ad-hoc reports on live events, but we can also assess the marginal impact of a new portfolio and plan for the future. The best part is that it’s all within a single, user-friendly, interface.”
The Allphins platform is designed to improve the transparency, granularity and efficiency of exposure data, allowing for faster and better decision making.
Built on new technologies, such as machine learning, the Allphins platform can automatically extract and identify risks included in underwriting submissions and enhance them with external data and third-party sources.
“We are excited to partner with a leading, global (re)insurer such as Chaucer, that clearly values the benefits of digital transformation.” Laurent de la Porte, CEO of Allphins says.
He added: “Our relationship with Chaucer dates back to the Lloyd’s Lab and they played a key role in helping us to improve our offering. We look forward to future developments with Chaucer.”