Lockton Re, the global reinsurance business of the world’s largest privately held independent insurance broker, announced a first-of-its-kind, digital capability called “Lockton Re SAGELink Automated Placement Solutions.”
“Continuing our investment in technology and innovation, Lockton Re has initially partnered with Nephila Capital, the largest catastrophe insurance-linked securities manager in the world, to create a fully automated submission to quoting capability,” commented Claude Yoder, global head of Analytics at Lockton Re.
“Marrying best in class analytics and forward-looking technology, Lockton Re and Nephila have each deployed custom-built APIs which, via Lockton Re SAGELink, enable Lockton Re to uniquely identify, model, submit and receive pricing of reinsurance on behalf of cedents,” Yoder added.
The capability automates the typically weeks’ long process of price discovery between reinsurance intermediary broker and reinsurer and fosters tighter integration of treaty visualization features with reinsurer underwriting workflow management, producing new value for cedents.
“This technology enables sophisticated scripting of catastrophe modeling, submission bundling, and quote workflows. It has moved the technology needle for the (re)insurance industry,” Yoder added
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