Lloyd's re/insurer Chaucer partners with Allphins for exposure management

Specialist Lloyd's insurance group  Chaucer has entered into a long-term partnership with Allphins, an exposure management platform for specialty risks, as it seeks to improve the transparency, granularity and efficiency of exposure data, allowing for faster and better decision making.

Chaucer will use the Allphins platform to gain the insights needed to fully control its energy reinsurance risk accumulation, allowing for better decision making and for richer discussions with its partners.

The re/insurer explained that limited and unstructured data is often the root cause of low confidence in exposure management figures, leaving risk professionals unable to fully control the amount, and the quality, of risk sitting in their book.

Allphins has developed a differentiated technology that enables re/insurers to upload and identify their risks, enrich them with external data, and access decision-ready insights within minutes, as opposed to weeks.

Built on new technologies, such as machine learning, the Allphins platform can automatically extract and identify risks included in underwriting submissions and enhance them with external data and third-party sources.

Chris Baker, head of international and specialty reinsurance at Chaucer, said: “One of the biggest challenges we face is accurately monitoring our exposure pre and post placement. Allphins enables our underwriters and exposure managers to pinpoint with greater precision our exposure over time. Not only are we able to generate ad-hoc reports on live events, but we can also assess the marginal impact of a new portfolio and plan for the future. The best part is that it’s all within a single, user-friendly, interface.”

Laurent de la Porte, chief executive officer of Allphins, added: “We are excited to partner with a leading, global (re)insurer such as Chaucer, that clearly values the benefits of digital transformation. Our relationship with Chaucer dates back to the Lloyd's Lab and they played a key role in helping us to improve our offering. We look forward to future developments with Chaucer.”

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