Global reinsurance broker Gallagher Re has announced the launch of its holistic, next-generation reinsurance analytics platform called Gallagher Automated Insurance Analytics (GAIA), designed to deliver deeper and faster client insights.
According to Gallagher Re, GAIA provides clients with a single, scalable analytics ecosystem which incorporates structured data, automated workflows, and on-the-fly pricing capability.
The company estimates that the new platform’s automated multi-model outputs will reduce the time typically taken to generate client insights by up to 80%.
For clients, the benefits of GAIA stem from the creation of a single integrated platform that houses all analytics capabilities in one place, free of the limitations of legacy systems.
Key benefits of the new platform include the use of cloud-based technology to be able to scale quickly and globally as a future-proofed, integrated system; the ability to harness, aggregate and analyse the full breadth of Gallagher’s data; a multi-model view with the benefit of a unified exposure data scheme; and operational efficiency gained via artificial intelligence, machine learning and enriched data.
Ed Messer, Head of Analytics at Gallagher Re, commented: “The big investments and rapid build outs of broker modelling capability witnessed at the turn of the century, represented only the first wave of reinsurance analytics power and potential.
“Value-added analytics consultancy, which goes far beyond the reinsurance transaction, is now an accepted and expected part of the client offering. But many of those legacy systems are today cumbersome and costly to maintain; they struggle to keep pace with the speed of technological change.
“In GAIA, we offer a long-term, strategic alternative that utilises the latest cloud-based technology and can be quickly and easily scaled in a considered, commercially viable and impactful way. Our mission is to eradicate low value, button-clicking analytics and focus instead on always providing higher value, advisory services.”
Gallagher Re states that GAIA’s capabilities as a single, integrated next-gen platform will be developed in the three key tranches of pre-modelling, modelling, and post-modelling.
Tom Wakefield, Chief Executive Officer (CEO) designate at Gallagher Re, said: “Pushing the boundaries of innovation and creating client-centric solutions is part of our DNA at Gallagher Re. Above all else, innovation requires investment in the best brains and that’s exactly what we’ve done, adding new capabilities to existing layers of expertise.
“Our team now combines the industry’s top talent in terms of analytics experience, reinsurance architects, actuarial expertise and catastrophe management. GAIA is the result: a fully scalable, global platform that leverages cloud-based technology and one that will take a huge amount of inefficiency out of current reinsurance analytics practices.
“That means more time spent advising our clients and discussing the insights gleaned from GAIA and less time turning the handles. GAIA will be a game-changer in the world of reinsurance analytics.”
