Broker Lockton has selected the EigenRisk platform to help it address the risk management and insurance needs of clients with significant exposures to natural catastrophes.
EigenPrism, the platform for catastrophe exposure analytics and modelling, will provide risk professionals at Lockton with access to high-speed modelling and robust analytical capabilities, according to the broker.
As an early user of EigenPrism’s beta releases, Lockton helped evaluate and refine many of the modules currently available on the platform.
Lockton said its experts will be able to run multiple scenarios from multiple data and modelling partners on the platform, enhancing their ability to help clients assess catastrophic exposures, allocate resources for disaster planning and property claims management with greater speed and efficiency, and negotiate related coverages more effectively with underwriters.
“We have seen first-hand how the platform enables our brokers and consultants to analyse catastrophic property exposures by individual client locations faster and with greater precision,” said Michael Andler, head of Lockton’s US property practice.
“This facilitates more effective post-event planning, response and claims management, as well as enhancing our ability to better prepare our clients for their insurance renewals.
Justin VanOpdorp, chief analytics officer of Lockton, added: “As risks confronting our clients become more complex, we constantly look for solutions to help them evaluate their exposures around the world more effectively.
“The tools, data and analytics available through EigenPrism significantly enhance our ability to assess, mitigate, and manage the varied and challenging catastrophic risks businesses face today.”
Lockton is headquartered in Missouri, US, but also operates in other locations such as London and Bermuda.
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