Gallagher Re, the global reinsurance broker, has today unveiled Gallagher Automated Insurance Analytics (GAIA) – a proprietary and ground-breaking, single, scalable, automated analytics platform.
GAIA will provide multiple benefits for clients and markets through the creation of a single integrated platform that houses all analytics capabilities in one place, free of the constraints of legacy systems.
It is estimated that combining all capabilities into one automated platform that is also able to give a multi-model view of risk, will shave up to 80% off the time currently required to generate the same level of insights from interrogating multiple tools, separately.
Key benefits of GAIA include:
Scalable: By leveraging cloud-based technology, GAIA will be able to scale quickly and globally as a future-proofed, integrated system that can adapt in line with Gallagher Re’s ambitious growth plans allowing for easy expansion across geographies, lines of business and multiple business units.
Unique insights: By harnessing, aggregating and analysing the full breadth of Gallagher’s data, GAIA will deliver unrivalled client value and 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: With the benefit of unified exposure data schema, clients will gain access to a multi-model, more nuanced view of risk through the rapid translation of data between catastrophe modelling platforms and visualization of all risks and portfolios, giving them deeper catastrophe insights at a faster pace. Clients can then refine their view of risk by making adjustments to modelled outputs, based on the GAIA framework.
Operational efficiency: Gained through artificial intelligence, machine learning and enriched data, analysts will be able to spend more time on high value client interactions as opposed to low value data manipulation.
GAIA’s capabilities as a single, integrated ‘next generation’ platform will be developed in three key tranches:
- Pre-Modelling: data collection, enrichment, augmentation and intelligence
- Modelling: automated, integrated workflows through multi-model APIs (application programming interfaces) and machine learning
- Post-Modelling: pricing, portfolio optimisation, e-placement and market insights to deliver unrivalled client value
Ed Messer, Head of Analytics at Gallagher Re, said: “The big investments and rapid build outs of broker modelling capability witnessed at the turn of the century, represented only the first wave of reinsurance analytics power and potential.
“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.”
Tom Wakefield, CEO designate at Gallagher Re, said: “Pushing the boundaries of innovation and creating client-centric solutions is part of our DNA 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 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.”
