QIC Global, the umbrella organisation for Qatar Insurance Company’s (QIC) international trading brands, has signed a contract to use software from Sequel, a Verisk business, to model cyber risk.
By utilising Sequel’s Impact system, QIC Global hopes to be able to better capture and aggregate complex cyber exposure.
The company is already familiar with Impact, having previously used the system for its energy and terrorism portfolio exposure management.
“From experience, they knew Impact was a highly flexible and configurable tool,” said Ben Churney, Head of Business Development at Sequel.
“Sequel Impact offers a highly flexible and configurable data schema,” he explained. “Using Impact as the data repository, they have the flexibility of data capture and storage and the ability to export data to their model and run deterministic scenarios if required.”
QIC Global’s Chief Risk Officer, Mark Graham, also commented: “Sequel Impact has a robust and proven model-friendly data export function. Impact also offered us the flexibility to, if we wish to implement it, link to QIC Global’s in-house policy administration system to speed up data capture.
“We were already aware of the capabilities the system delivers, and we are delighted that we have been able to use Impact to enhance our capability to offer cyber risk products to our growing number of international clients.”
Churney continued: ‘We are pleased that QIC Global has recognised the benefits that Sequel Impact can bring to their business. We have built a strong and successful alliance with QIC Global, and our latest agreement strengthens those ties and enables QIC Global to improve their business and their ability to meet the needs of their customers.
“The system delivers true flexibility and enables QIC Global to build a range of models that will provide their underwriters with the data to more accurately understand the risks they assume and the level of their exposure.”
Sequel develops software for the insurance and reinsurance industries from its headquarters in London. The business was acquired by Verisk in August 2017 for £250 million.