Guy Carpenter & Co., the global risk and reinsurance specialist and wholly owned subsidiary of Marsh & McLennan Cos., announced a multi-year, global strategic partnership with Reynolds Porter Chamberlain Consulting (RPCC) to license and develop proprietary applications to run within RPCC’s Tyche software.
London-based RPCC is a professional services firm providing global actuarial, analytic and software services to the insurance industry from a United Kingdom and European base.
Tyche combines a cutting-edge computational engine, the ability to process extreme amounts of data in real-time, and a broad scope of solution libraries to deliver advanced underwriting, pricing, reserving, portfolio optimization and capital management analytics on a single platform, said Guy Carpenter in a statement announcing the partnership.
Tyche will complement Guy Carpenter’s existing actuarial and capital modeling platform, MetaRisk®, which will remain a cornerstone of the company’s client-solutions toolkit, added Carpenter.
Tyche’s interoperability with MetaRisk and its ability to span the property and casualty, life and composite markets will allow Guy Carpenter to integrate data, insights and outputs from MetaRisk and other industry analytic platforms when developing and delivering advisory and broking solutions for Guy Carpenter clients, the statement added.
As part of the agreement, Guy Carpenter will have exclusive access to RPCC’s Tyche software among all insurance and reinsurance brokers.
“Our clients increasingly look to actionable, analytic insights to inform strategic decisions about volatility, capital and growth. The Tyche agreement brings platform interoperability and industry-leading computational power to Guy Carpenter, allowing us to develop advanced solutions that meet our clients’ needs,” said Rob Bentley, president of Guy Carpenter Global Strategic Advisory.
RPCC Managing Partner Alun Marriott added, “We are delighted that Guy Carpenter has chosen to partner with Tyche to provide the analytic heavy lifting that the insurance industry increasingly demands. Tyche’s computational power enables near real time analysis to help firms respond rapidly to the ever-changing landscape in which they operate.”
Concurrent with the announcement of their exclusive licensing agreement, Guy Carpenter and RPCC have collaborated on their first co-developed application built on Tyche, which will provide real-time inward and outward reinsurance portfolio analysis for the London market.
The application will help Guy Carpenter clients optimize their reinsurance portfolio underwriting. The two companies will co-market and license the solution.
Source: Guy Carpenter
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