Guy Carpenter & Company LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has entered into a multi-year strategic partnership with Reynolds Porter Chamberlain Consulting LLP (RPCC) to license and develop applications for RPCC’s Tyche analytics software.
As part of the arrangement, Guy Carpenter will have exclusive access to RPCC’s Tyche software among all re/insurance brokers and certain other industry parties.
RPCC is a professional services firm that provides global actuarial, analytic, and software services to the re/insurance industry from its bases in the UK and Europe.
According to RPCC, Tyche can process extreme amounts of data in real time and offers a broad scope of solution libraries that deliver advanced underwriting, pricing, reserving, portfolio optimisation, and capital management analytics on a single platform.
Guy Carpenter said that Tyche’s functions will complement its existing actuarial and capital modelling platform, MetaRisk, which will remain a cornerstone of the company’s client-solutions toolkit.
It added that Tyche’s interoperability with MetaRisk, in addition to its ability to span the property and casualty, life and composite markets, will allow the company to integrate data, insights, and outputs from MetaRisk and other analytic platforms when developing broking solutions for its clients.
“Our clients increasingly look to actionable, analytic insights to inform strategic decisions about volatility, capital and growth,” said Rob Bentley, President of Guy Carpenter Global Strategic Advisory.
“The Tyche agreement brings platform interoperability and industryleading computational power to Guy Carpenter, allowing us to develop advanced solutions that meet our clients’ needs,” he added.
Alun Marriott, Managing Partner at RPCC, also commented: “We are delighted that Guy Carpenter has chosen to partner with Tyche to provide the analytic heavy lifting that the insurance industry increasingly demands. Tyche’s computational power enables near real time analysis to help firms respond rapidly to the ever changing landscape in which they operate.”
Guy Carpenter and RPCC have already collaborated on their first co-developed application built on Tyche, which will provide real-time inward and outward reinsurance portfolio analysis for the London market, and which will help Guy Carpenter clients optimise their reinsurance portfolio underwriting.
