Benefits of the platform include:
- Scalability: Using cloud-based technology, GAIA will be able to scale quickly and globally, and can adapt in line with Gallagher Re’s growth plans, allowing for easy expansion across geographies, lines of business and multiple business units
- Unique insights: By aggregating and analysing the full breadth of Gallagher’s data, GAIA can offer unique insights into underlying portfolios and lines of business through automated peer analysis, data quality scoring, portfolio optimisation, and pricing tools
- Multi-model view: Clients will have access to a multi-model, more nuanced view of risk through the rapid translation of data between catastrophe modelling platforms and visualisation of all risks and portfolios. Clients can refine their view of risk by making adjustments to modelled outputs
- Operational efficiency: Analysts will be able to spend more time on high-value client interactions as opposed to data manipulation
GAIA’s capabilities as a single, integrated platform will be developed in three key tranches:
- Pre-modeling: data collection, enrichment, augmentation and intelligence
- Modeling: automated, integrated workflows through multi-model APIs and machine learning
- Post-modeling: pricing, portfolio optimisation, e-placement and market insights
“The big investments and rapid build-out of our broker modelling capability witnessed at the turn of the century represented only the first wave of reinsurance analytics power and potential,” said Ed Messer (pictured above), head of analytics at Gallagher Re. “Value-added analytics consultancy, which goes far beyond the reinsurance transaction, is now an accepted and expected part of the client offering.
“But many of those legacy systems are today cumbersome and costly to maintain; they struggle to keep pace with the speed of technological change. In GAIA, we offer a long-term, strategic alternative that utilises the latest cloud-based technology and can be quickly and easily scaled in a considered, commercially viable and impactful way. Our mission is to eradicate low-value, button-clicking analytics and focus instead on always providing higher-value advisory services.”
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“Pushing the boundaries of innovation and creating client-centric solutions is part of our DNA at Gallagher Re,” said Tom Wakefield, CEO designate at Gallagher Re. “Above all else, innovation requires investment in the best brains, and that’s exactly what we’ve done, adding new capabilities to existing layers of expertise. Our team now combines the industry’s top talent in terms of analytics experience, reinsurance architects, actuarial expertise and catastrophe management.
“GAIA is the result: a fully scalable, global platform that leverages cloud-based technology and one that will take a huge amount of inefficiency out of current reinsurance analytics practices. That means more time spent advising out clients and discussing the insights gleaned from GAIA and less time turning the handles. GAIA will be a game-changer in the world of reinsurance analytics.”
Post Source: Insurance Business Magazine
