Gallagher Re has launched a holistic reinsurance analytics platform, Gallagher Automated Insurance Analytics (GAIA), that will operate as a single, scalable and automated analytics ecosystem without the limitations of legacy systems.
As an integrated platform, GAIA will support all analytics capabilities to deliver client insights at a rate expected to be 80 per cent shorter than the time it currently takes to generate the same level of insights through existing platforms.
Insights will be based on the aggregation and analysis of Gallagher’s full data, such as automated peer analysis, data quality scoring and portfolio optimisation and pricing tools, concerning underlying portfolios and business lines.
With this unified exposure data, clients will receive a multi-model view of the translation of data between catastrophe modelling platforms and visualisation of risks and portfolios.
GAIA will also leverage cloud-based technology to ensure rapid and global scalability in conjunction with Gallagher Re’s future expansion objectives across geographies and business and lines.
In addition, the platform will utilise artificial intelligence and machine learning to ensure operational efficiency and automated workflows.
The capabilities supported by GAIA will be developed in a threefold approach: pre-modelling (data collection, enrichment, augmentation and intelligence); modelling (automated workflows through multi-model application programming interfaces); and post-modelling (pricing, portfolio optimisation, e-placement and market insights).
Commenting on the launch of GAIA, Ed Messer, head of analytics at Gallagher Re, explains: “Value-added analytics consultancy, which goes far beyond the reinsurance transaction, is now an accepted and expected part of the client offering.”
“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.”
Tom Wakefield, CEO designate at Gallagher Re, adds: “GAIA is 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 our 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.”
