Software which puts "business critical" data at the fingertips of insurance management will be showcased at the Bermuda Insurance Symposium, which kicks off in earnest today.

ROOM Solutions, a UK based company which is a provider of business solutions to commercial risk and reinsurance markets including a large Lloyd's client base, is launching two of its support and risk analysis products for the local insurance market.

ROOM's head of international business development Peter Miller said launching their product on the Island was a natural progression, given Bermuda's increasing dominance as an insurance market.

Mr. Miller said: "We are very excited to be launching these innovative products into Bermuda at a time when the industry is experiencing enormous change and enjoying a major upswing."

Mr. Miller said a fact-finding trip to Bermuda last year identified the Island as a market for the ROOM products. "In coming to Bermuda last year we saw that there was no business purely supporting the insurance industry or providing solutions for insurance. We saw this as a hole in the market and asked why is the market not being serviced properly," Mr. Miller said.

Following that initial trip Mr. Miller said ROOM did its "homework" and identified a local partner for its Bermuda rollout - Independent Consulting Solutions (ICS).

ICS, which is a local IT company, will work with Bermuda clients in launching the product and providing on-going technical support. ICS is currently working with ROOM in training three of their technical staff on the products.

ROOM Analytics and Exact (worldwide management of accumulated risk position) are the products being launched locally. Mr. Miller said the products are "sophisticated tools for managing risk" and a perfect fit for the Island's insurance, reinsurance and broking companies. Each progamme is said to be flexible in its ability to "sit on" and extract data from the client's legacy system.