Insuring risks has been part of business for millennia and many of the world’s assets are insured against calamities. Yet underwriting risk has not always been straight forward. Today, the means to more accurately assess and price risks are made accessible through the collection and analysis of a wide array of data. As part of the effort to better evaluate risks through data-analytics, Guy Carpenter has launched GC AdvantagePoint.
Guy Carpenter & Company* has developed a set of tools to help companies better understand risks. The tools include the ability to evaluate large amounts of information available to insurance companies about the risks of calamities; to better understand where risks are concentrated; to be provided with real-time catastrophe tracking; and to improved claims management. These tools have been bundled into the firm’s portfolio and risk management platform, GC AdvantagePoint.
The platform incorporates profitability and planning functions that leverage the firm’s GC ProfitPoint+ offering, allowing executives to calibrate and implement strategies which achieve optimal portfolio mixes, discipline underwriting, and grow profitably. The platform also uses designs with ease of use in mind. It provides a highly visual user-experience that is able to help pinpoint concentrations of risks geographically for hazards such as terrorism, coastal windstorm or custom determined client hazards, to better understand exposure levels. And finally, the platform provides real-time catastrophe tracking, allowing firms to assess the potential impact of catastrophes quickly, such that managers can better coordinate response deployment and manage the claim processes.
“GC AdvantagePoint arms our clients with a distinct business advantage by transforming massive amounts of data into actionable strategy,” explains Tim Gardner, CEO of US Operations for Guy Carpenter. “Guy Carpenter has a longstanding, proven history of investing in innovation and GC AdvantagePoint is our latest advancement in our legacy of helping clients manage catastrophe risk. The launch of GC AdvantagePoint clearly illustrates our on-going commitment to delivering state-of- the-art solutions for our client’s increasingly complex business challenges.”
“The inspiration behind GC AdvantagePoint was to develop a platform that would be both nimble and functional,” adds Executive Vice-President at Guy Carpenter Kevin Griffiths. “The platform empowers stakeholders across different levels of an organisation – from claims professionals, underwriters, catastrophe modelling and analytics teams, as well as C-Suite leaders - with the flexibility and functionality to better understand their risks and continuously evolve in-step with the changing marketplace.”
* Guy Carpenter is a subsidiary of Marsh & McLennan Companies, the holding company of also Mercer, Oliver Wyman, Marsh and NERA Economic Consulting.