Global reinsurer TransRe has partnered with energy InsurTech firm, Allphins, to create a data analytics platform for offshore energy reinsurance business.
Under the terms of the agreement, TransRe will leverage Allphins software to digitalise its treaty reinsurance arrangements, monitor its aggregate exposures, and identify opportunities within the marketplace.
The Chief Executive Officer (CEO) of Allphins, Laurent de la Porte, commented: “Managing offshore energy exposures presents numerous challenges, given the diverse asset ownership structures, and the inconsistent naming of installations.
“Allphins allows energy (re)insurers to unlock efficiencies using technologies such as our risk identification engine and aggregation scenario generation tool. We are very pleased to be working with TransRe, a company that clearly understands the many advantages of adopting new technologies in specialty (re)insurance.”
Allphins operates as an artificial intelligence software solution for insurance and reinsurance companies. The InsurTech is part of the Lloyd’s Lab Cohort 3, based in Paris and London.
Graham Daly, TransRe London’s Marine & Offshore Energy Leader, added: “We are excited by the opportunities that our partnership with Allphins offers. The Offshore Energy industry is complex, involving many assureds, and overlapping insurance coverages.
“Allphins’ technology will provide a complete and transparent picture of the risks, which in turn will improve our service to our customers and their brokers.”