‍Revolutionising risk assessment: How Allphins Gives Reinsurers Data Confidence For Smarter & Faster Decisions.

Across the re/insurance sector, accurately assessing risk exposure is often portrayed as being a demanding task, fraught with disparate data sources and a lack of visibility. However, one company that is making progress to counteract this issue is Allphins, an artificial intelligence (AI) platform which is transforming the way companies assess their risk exposure.

By consolidating disparate data sources into a single, unified format, the company is able to provide reinsurers with a comprehensive and accurate view of all their exposures.

As a result, this is ultimately saving organisations valuable time and instilling greater confidence in the data, therefore enabling reinsurers to make smarter decisions.

In a recent interview with Reinsurance News, Laurent de la Porte, CEO of Allphins, explained the importance of having greater visibility into data for both cedants and reinsurers.

“It can help in a number of different ways, with the first being maximising 100% of your capacity. If you don’t have full visibility of your exposure, you wind up making quick calculations based on a rough hypothesis.

“This lack of clarity leads to higher uncertainties around your peak exposures, which may require you to set aside a larger capital buffer,” said de la Porte.

“Secondly, having a full analysis of data helps you to better differentiate and select policies. For instance, by assessing how new policies clash with the rest of your book.

“Thirdly, beyond exposure clash, greater visibility helps to benchmark policies in terms of premium, peak exposures, attachment points and loss ratios, which enable you to identify portfolio optimisation opportunities,” added de la Porte.

Allphins leverages AI in many areas, including tasks like matching and recognising names of insured or assets using natural language processing, as well as processing extremely large datasets much faster.

“AI has become a major topic across the direct insurance sector. Many companies are using this technology to automate tasks, expedite data cleansing, and gain valuable insights. In the same way, but on a different scale, AI can also allow reinsurers to focus on the right data, saving valuable time and cost,” de la Porte added.

Looking ahead, de la Porte envisions Allphins becoming the go-to platform for P&C reinsurers to digitise, visualise, and manipulate their risks.

“In reinsurance, the risks are heavily digitised but in formats which do not allow analysis. I believe that the industry can do more than just exposure management. Our goal is to help reinsurers in any class have better visibility of their risk so they can make smarter decisions and look at capital in a more beneficial way,” he said.

“So, we find ourselves in a world where reinsurers can analyse data sets in minutes not weeks and have total confidence in every decision. Just imagine what that can do for your firm.”

Get in touch to find out more: contact@allphins.com

Special thanks to Jack Willard from Reinsurance News.