Team Collaboration and Ability to Create “What if” Situations Key to Success
Agencyport Software, a leading provider of software and services to the global insurance and reinsurance industries, announced today that is has installed its risk management solution, Open Xposure, in six offices of the third largest reinsurer in the world - Hannover Re.
Open Xposure has been installed in Paris, Sydney, London, Toronto and Bogota, as well as Hannover Re’s head office, providing Hannover with a clear picture of potential global losses and the ability to manage risk exposure aggregations around the world.
Matthias Hausknecht, senior manager, corporate development at Hannover Re said:
“As a large and growing business, we needed to gain an accurate view of our portfolio and to adopt a more formal and technical method of managing data. We selected Open Xposure to provide this because of its excellent technical capabilities and its user friendliness, as well as the expertise of Agencyport’s technicians.”
At Hannover Re, Open Xposure works as part of a unified risk management suite, interfacing with models. After core data is entered on Hannover Re’s SAP system, the relevant policy data passes to Open Xposure via a standing interface, reducing double entries and making the process more efficient. It then transfers all the contract details and location data in to the catastrophe models used by Hannover Re - RMS Risk Link and AIR Classic.
Phil Race, MD, Agencyport Software Europe said: “After a record year of natural disasters and insurance company losses, the authority of probabilistic modelling has been questioned and reinsurers are reassessing their methods of aggregating risk. Open Xposure is more than risk aggregation; integrating with existing modelling systems,
it provides total risk management.”
Using a series of state-of-the-art approaches, Open Xposure allows underwriters and captive insurers to monitor exposure and analyse levels of risk against a variety of live, historic and "what if" natural and man-made disaster scenarios. Rather than assessing probable loss scenarios, Open Xposure allows users to create situations and determine the risk value involved.
Oliver Bias, senior underwriter at Hannover Re said: “Integrating the system was a collaboration between our technical team and Agencyport, with whom we have built a great working partnership. All the underwriters are happy using Open Xposure and the reports it generates enable us to make informed decisions quickly. We feel very prepared with Agencyport behind us.”
Hannover Re plans roll out installation of Open Xposure to its offices in Stockholm, Shanghai, South Africa and Kuala Lumpa.
For an in-depth look at the Hannover Re project: http://www.agencyport.com/Hannover-Re-Case-Study
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