Risk analytics provider QOMPLX has revealed that it plans to develop a dynamic multi-peril modeling platform following its acquisition of insurance modelling and actuarial platform Tyche.
The acquisition of Tyche was announced recently alongside news that QOMPLX has elected to go public via a merger with special purpose acquisition company, Tailwind Acquisition Corp.
QOMPLX says that taking over the tech and modelling solutions at Tyche will enable it to enhance its existing software suite.
But it will also help QOMPLX to develop a more dynamic multi-peril modeling platform that ingests volumes of data, applies automation and advanced analytics, and multi-peril modeling to help customers write and price policies that more accurately reflect actual risk.
Additionally, the analytical experience of the Tyche team will support the upcoming launch of enterprise peril managing platform QOMPLX Q:HELM.
Q:HELM is built upon the QOMPLX data factory that includes simulations, and machine learning tools that integrate disparate internal and external data sources more efficiently.
Jason Crabtree, QOMPLX’s Co-founder and CEO, commented: “Tyche has made significant leaps in actuarial modeling and has built a tremendously well respected business serving some of the largest insurers, reinsurers, and risk intermediaries. Its track record of new business growth and exceptional client retention is a testament to that success.”
“Our existing data integration and analysis capabilities from Q: OS and Q: INSURANCE are highly complementary to Tyche’s modeling and pricing offerings. We are very excited about how the combined business and technology capabilities will help our customers further their actuarial and data science efforts as part of the modern data supply chain in insurance,” Crabtree continued.
“The talents of Alun and his highly experienced team are central to our own business and will continue to be instrumental to supporting digital transformation efforts inside our (re)insurance partners in both Life and Non-life use cases.”
“Our team is excited to have reached this opportunity with QOMPLX to unlock significant untapped potential in smart Insurance modeling and dynamic areas like cyber insurance,” added Alun Marriott, Managing Partner of Tyche. “We believe our category leading actuarial modeling software and growing client portfolio across Europe and internationally will add exceptional value to customers, especially when combined with other QOMPLX Insurance offerings.”
QOMPLX was co-founded by CEO Jason Crabtree and CTO Andrew Sellers, and is backed by William P. Foley, II’s Cannae Holdings and other notable investors. The company’s pro forma 2021 revenue is expected to reach $141 million. In 2020, the pro forma company’s go forward revenue base was $96 million, and the core company had a 139% net revenue retention rate.