Placements automated by new digital solution
Lockton Re, the global reinsurance business of the world’s largest privately held independent insurance broker, has partnered with Bermuda-based Nephila Capital to launch a new automated placement solution.
The company announced the “first-of-its-kind”, digital capability -- Lockton Re SAGELink Automated Placement Solutions -- today.
Claude Yoder, global head of analytics at Lockton Re, said: “Continuing our investment in technology and innovation, Lockton Re has initially partnered with Nephila Capital, the largest catastrophe insurance-linked securities manager in the world, to create a fully automated submission to quoting capability.
“Marrying best in class analytics and forward-looking technology, Lockton Re and Nephila have each deployed custom-built APIs which, via Lockton Re SAGELink, enable Lockton Re to uniquely identify, model, submit and receive pricing of reinsurance on behalf of cedants.”
The company said the innovative capability automates the typically weeks long process of price discovery between reinsurance intermediary broker and reinsurer and fosters tighter integration of treaty visualisation features with reinsurer underwriting workflow management, producing new value for cedants.
Mr Yoder added: “These new digital broking features are a truly unique capability within the marketplace and a credit to our commitment to leading through innovation and the talented analytics and technology teams at both firms.
“This technology enables sophisticated scripting of catastrophe modelling, submission bundling, and quote workflows. It has moved the technology needle for the re/insurance industry.”
Lockton Re, which launched a Bermuda office in June with the appointment of Jonathan (Jonty) Davies as chief executive officer, has 13 locations globally.