Lockton Re, the reinsurance arm of the independent insurance broker, has announced that its analytics platform, SAGE, has been awarded a US Patent.
This patent is for systems and methods for custom and real-time visualization, comparison, and analysis of insurance and reinsurance structures.
Claude Yoder, Global Head of Analytics, Lockton Re, commented: “Our analytical expertise and capability is at the core of our client value proposition and has really been the bedrock of our success since we started building out the business globally in 2019.
“As someone who has worked in the technology and analytics arena for many years, it always appeared that Lockton Re’s SAGE had unique qualities to help support our clients and markets. This seemed especially clear as the importance of data and analytics in re/insurance increases every year as does the bar for differentiation. To be awarded this patent is testament to the hard work and vision of our global analytics team. We’re particularly pleased with this accomplishment given the current challenges faced by applicants to obtain a software-based patent in the United States.”
Since the launch of SAGE, the business has continued to develop the analytics, technology and operational platform adding new capabilities including Lockton Re FAC SAGE, and Lockton Re SAGELINK.
Yoder added: “We made a conscious decision to use Lockton Re’s SAGE as an operational platform – linking other key applications together to enable more seamless data sharing and integration. In addition to structuring and modelling, we are now able to capture, share, and analyze placement data more efficiently, thus increasing speed of delivery while reducing cost.”
Alongside Yoder, other inventors of Lockton Re’s newly issued patent include David Lytz, Adam Troyer, and Adam Braithwaite.
Tim Gardner, Global CEO, Lockton Re said, “We now have over 50 global analytics colleagues and this group has been phenomenal from the launch of our SAGE platform through its continued development. The team has developed very close relationships with clients and markets to improve and maximize the platform. Technology is such an important part of the re/insurance industry but what makes the real difference is the people and expertise behind that capability. Lockton Re are delighted to have been awarded this US Patent.”