Global insurance broker Lockton’s dedicated reinsurance division, Lockton Re, has launched Lockton Re SAGE 2.0, its next level of analytics features and tools as part of Lockton Re’s proprietary software platform, the company highlighted.
Lockton Re SAGE was designed to better help insurers understand risk impacts with a detailed and transparent view of all possible risk transfer structuring options.
According to the announcement, Lockton Re SAGE 2.0 new features include: optimisation, it creates hundreds of structures ranked against key metrics, and eliminates undesirable structures applying pricing information and other market-based data.
Other new features include PROVE, it demonstrates the portfolio impact of “as if” scenarios, and illustrates the growth trajectory and key metrics on a dynamic countrywide map for any line of business; benchmarking, for example, it compares KPIs over time to peers to determine financial performance trends.
Regarding quotes, it grants users’ access to quotes in near real time and compares them using a unique user interface; and with reinsurer selection, it serves up ratings and financial data for over 3000 partners, among other things.
Claude Yoder, Global Head of Analytics, Lockton Re, said “Lockton Re’s SAGE is a modern, first-of its-kind decision making platform for clients. It uses state of the art analytics approaches allowing real time management of data and comprehensive risk transfer analysis. Its dynamic and transparent capabilities show different (re)insurance structures and an easy-to-use interface for users to compare hundreds of options.
“Lockton Re SAGE 2.0 includes new features that provide clients deeper insight and impact. Our ‘Born Digital’ ethos means we are constantly pushing our capabilities forward and looking for new ways to deliver leading analytics and value creation for clients.”
Commenting on the launch, Tim Gardner, Global CEO, Lockton Re, said, “Over the past two and half years Lockton Re’s SAGE has been a game changer for Lockton Re.
“Our ability to democratise analytics has made a difference not only for our clients but also for our global analytics team, creating the opportunity for them to focus on the areas where they can add the most value, unencumbered by legacy systems and processes.
“Lockton Re’s SAGE 2.0 is the next step in our exciting ‘Born Digital’ journey. The work that Claude and his team are doing is ground-breaking and what our industry needs for the future.”