Bringing aggregation analysis into the front office

Re/insurance software specialists Sequel’s new insurance aggregation software, Sequel Impact promises to bring aggregation monitoring and analysis into the front office.

That is the word from Graham Pickard, aggregation manager at Sequel, who explained to Bermuda:Re that the new software will provide underwriters and c-suite executives with graphically-driven, real-time exposure information to help them build and analyse their international insurance portfolios.

The browser-based software enables users to operate the system remotely or choose to lock it in-house, and provides the latest visualisation tools to enable users to explore exposures, aggregates and policy conditions across multiple lines and perils, drawing on data from their insurance portfolio.

Sequel Impact enables users to examine theoretical and post-event exposures, drilling down into the specifics of their exposures through a highly interactive interface that offers users an invaluable tool for their underwriting decisions.

Pickard said that the software enables users to view not only high level exposures, but also the granularity of the company’s insurance portfolio, generating invaluable insights into aggregations across multiple lines and perils. He said that this could in turn help companies “issue underwriting guidelines, aided by an understanding of exposures across the group, helping to prevent a siloed view of risk”.

With Sequel Impact it is possible to view the impact of events in total, by line and by multiple lines, with considerable flexibility and a high level of certainty. And by providing certainty around loss exposures, CEOs can feel confident issuing statements regarding losses post-event, said Michael Graham, sales and marketing director at Sequel.

What was previously a time-consuming back office function, can now be done easily, quickly and with certainty by the front office team, said Pickard. He said that whereas aggregation and modelling functions were often disjointed and sluggish, Sequel Impact delivers a simplified system.

The system can work alongside existing modelling software and aims to be “complementary” to existing systems, said Graham. He said that Sequel’s software focuses in on “contracts, values and the financial impact of losses”, rather than meteorological or seismic factors that often leave black holes in your understanding of exposures when companies haven’t licensed the appropriate regional models.

Addressing data quality, Pickard explained that companies need to upload their data, but the software’s intelligent design simplifies the process and helps to pick up potential errors in the upload process. It is also possible to modify data import values so that the system can create templates for particular data sets, further streamlining the process.

Asked about security, Graham said that the system is cloud-based with significant associated security measures, but said that for those companies wanting to bring the software in-house, there is that option available.