Agencyport Software has announced that Emirates Insurance Company has purchased the software vendor’s risk exposure aggregation solution Open Xposure. The carrier selected Open Xposure for use in its recently established international division, EIC International. EIC International provides facultative reinsurance capacity to the Afro-Asian energy market.
With its ability to pose hypothetical scenarios, create exposure maps and analyse levels of risk, Open Xposure enables Emirates Insurance Company to closely monitor its aggregate, allowing effective use of underwriting capital and ensuring profitable growth with confidence and accountability.
Jason Light, ceo of Emirates Insurance Company comments “To capitalise on the exciting opportunity to establish EIC International in the Afro-Asian energy market, we sourced the leading dedicated software application to help us monitor and report on our aggregate exposures in real-time. Open Xposure enables us to underwrite oil and gas risks with confidence and fulfil the requirements of internal and external stakeholders including customers, our reinsurance partners and global rating agencies.”
Emirates Insurance Company’s Open Xposure licences provide interactive mapping capability and oil and gas rig reference data for North Sea, Africa, Mediterranean, Middle East, Far East, India, Australasia, Mobile Rigs and Windstorm tracks. The solution’s Google Earth disaster scenario integration enables underwriters to create hurricane exposure maps using actual or hypothetical tracks. This ensures that Emirates Insurance Company knows where it is exposed and to which perils; is able to model ‘what-if’ event scenarios; understands gaps in reinsurance responsiveness to major events; and demonstrates a portfolio risk adjusted price for a policy.
Designed to integrate with other systems, Open Xposure will support Emirates Insurance Company’s future growth and diversification plans.
Phil Race, MD, Agencyport Software comments “The rapidly growing Afro-Asian energy insurance industry presents great opportunities for pioneering businesses like Emirates Insurance Company. To be accepted by large energy industry corporates, insurers have to maintain high ratings from organisations like A.M. Best who expect insurers to carefully monitor exposure accumulation. Most reinsurers will expect their cedants to understand their exposure to an individual asset, such as an oil rig, or their exposure to a given event–a natural catastrophe, or series of given events. Open Xposure provides Emirates Insurance Company with the analytical capability to manage and aggregate all perils and lines of business, allowing the carrier to compete effectively and confidently in existing and new areas of business areas.”
Emirates Insurance Company also chose Agencyport for its reputation and experience in the London and global insurance markets, including work with global corporates such as Hannover Re, Marsh, Travelers and Zurich Insurance.
|
