Data analytics provider Analyze Re is to launch the second phase of its risk engineering platform that will help global insurance and reinsurance companies to save money and improve profits.
The firm, based in Halifax, Nova Scotia, is also opening an office in the London at St Mary Axe to help drive it ambitions to become a leading global provider of risk engineering technology to the insurance industry.
The company’s flagship product, Prime 2.0, has been updated, adding more efficiency into its platform that provides strategic planning, pricing and portfolio metrics technology.
“Think of Analyze Re as satellite navigation for your business,” said Adrian Bentley, CEO of Analyze Re.
“We help executives and the underwriting team to collaborate more efficiently to improve returns. The dynamic nature of the platform can help teams steer through changing market conditions.”
The Prime 2.0 platform, which is designed for reinsurers, insurers, brokers and insurance-linked securities participants, is designed to help users understand where they can find hidden profitability in their business portfolios.
Oliver Baltzer, chief technology officer at Analyze Re, commented: “All of Prime's features are accessible and easy to use, through modern web-based interfaces that work on desktop and mobile devices alike.”
With increasing competition in the reinsurance industry, Analyze Re has claimed that it can help to harvest the potential of ‘big data’.
“Often companies struggle to understand how to make the best use of the data they are accumulating,” added Bentley.
“Analyze Re technology empowers companies to look deeply into their portfolios and quickly understand what can be done to increase efficiency and profitability.”
Duane Wilson, senior econometrician at Analyze Re, said: “There are many moving parts involved in assessing the value of a specific business, so it becomes paramount to understand the uncertainties around the decisions that are made.”
“Prime captures and quantifies these uncertainties and enables our clients to make more informed and better decisions.”
