Key Takeaways

• Terrorism analytics delivered in 3 hours rather than 3 days
• Real-time event response insights generated in minutes versus hours
• Taken a more comprehensive approach to exposure management
• Potential to innovate as more features come online

The Challenge

Driven by market and regulatory pressures, a relatively young Lloyd's syndicate needed to improve its in-house exposure management capabilities to ensure sophisticated risk selection and portfolio management. The syndicate is also required to demonstrate comprehensive underwriting capabilities and a good understanding of non-modeled perils.

In particular, the syndicate's terrorism underwriters and portfolio managers felt there were portfolio blind spots. They needed a more complete portfolio view as well as access to precise analytics from which actionable insights are derived. They also required the ability to carry out faster, more complex accumulation analyses to help them select and price risks appropriately.

Quicker turnaround of event response analytics is key. As an event is happening, the analytics team needs the ability to offer aggregate checking and bespoke analyses to underwriters in real-time.

The Solution

A long-standing customer of Moody’s RMS Analytical Services, this Lloyd's syndicate was keen to maintain a single source of advanced model science that could easily integrate into their workflows and systems to provide consistency and scalability for its reinsurance portfolio.

The head of exposure management investigated a number of competitor tools, but ExposureIQ was the obvious choice . According to the syndicate, "no other exposure management system came close." The portfolio analytics and event response capabilities in ExposureIQ were considered an integral value-add to the company’s overall risk management strategy and operations.

The team also resonated with the Moody’s RMS vision as a provider of SaaS risk management solutions and "fast-follow features," building confidence in the underlying application development framework and strategy.

The Outcome

As the syndicate nears the completion of the onboarding process, there are already significant time-savings in processing speed. Insights needed by the syndicate's terrorism underwriters are now provided within just three hours, compared to three days previously. This gives the team more time to focus on how to apply insights to support overall risk selection and portfolio management efforts.

In addition, the ability to respond to events as they occur has been reduced “from hours down to minutes” according to the syndicate. Creating this efficiency provides the syndicate with more robust and real-time insights into the exposures potentially impacting their portfolio, as well as associated estimated losses.

Overall, the syndicate has leveraged ExposureIQ to benefit from faster and more detailed internal exposure management capabilities. Facilitating more informed and profitable decision-making by underwriters and portfolio managers.