Obsidian Insurance Group has announced the introduction of a Program Analytical Review (PAR) data analytics tool, that will be offered by Obsidian to its managing general agents (MGAs), reinsurers and reinsurance brokers.
The level of detail and analysis that PAR provides will deliver keen insight into pricing, profitability, and loss trends within specific program portfolios.
As well as this, PAR will also provide unique perspectives to Obsidian’s stakeholders into how their portfolio can be managed for continuous profitability.
PAR uses an MGA’s own data and information, as well as industry trend, loss development, and other information, to analyse property, casualty, and specialty insurance portfolios.
Moreover, PAR also provides a bespoke analysis, and its capabilities are adaptable and expandable. It will be updated on a monthly or quarterly basis. Obsidian noted that it is provided at no cost to the MGA’s supported by Obsidian as well as to their aligned reinsurers and reinsurance brokers.
William Jewett, Chief Executive Officer of Obsidian, commented: “One of Obsidian’s foundational pillars is and will continue to be the use of technology and data to drive sustainable growth and profitability. At the same time, we believe that the tools we develop should be easy to use and provided for our clients. Our goal is to offer an analytical tool that could assist in maximizing the profitable growth of the programs we support. That is what PAR is all about.”
He continues: “Kim Ho Lo and his team have developed a tool that we believe will create significant value for all our stakeholders. It is another example of how we are differentiating ourselves in the marketplace.”
Kim Ho Lo, Obsidian’s Chief Actuary and Chief Risk Officer, added: “PAR will provide our clients and reinsurers with analyses on a regular basis in an easy-to-use format, so that they better understand the portfolios that have been constructed. When we were developing PAR, it was essential that it focused not only on our needs, but also more importantly on those of our MGAs and reinsurers.”
