IGI Publishes its White Paper: ‘Transcending the Normal: A New Model for Risk Management’ by Simon Spurr & Sunnie Luthra
IGI future-proofs its business in major technology revamp
London: International General Insurance Holdings Limited (IGI) has published research setting out how the global insurance entity has modernised its risk, capital and actuarial modelling capabilities to improve the way the company evaluates its own risk.
Transcending the Normal: A New Model for Risk Management delves into the technical detail behind IGI’s ground-breaking project. The company has overhauled its existing risk, capital and actuarial analytics platforms in a bid to bring risk management functions back into the heart of underwriting.
“Change is a risky business. But taking measured risks is what insurance is all about,” Hatem Jabsheh, Chief Operating Officer at IGI, said in the foreword. “Implementing change in an insurance company is no easy task, and it takes courage. We knew we had to modernise our systems in order to keep up with our clients’ needs and future-proof our business.”
To see the full report, see https://www.iginsure.com/media/1602/final-igi001_igi_whitepaper_download_190318.pdf.
Increased regulation has put the spotlight on risk, capital and actuarial modelling but has resulted in risk management being siloed from the core of an insurance business.
“Our mission is to bring our risk and actuarial functions back to the fore – using incredible technology coupled with internal talent, in order to deliver real and sustainable value,” said Simon Spurr, Group Head of Risk and Capital Management at IGI, and one of the authors of the research.
Regulations such as Solvency II and IFRS17 have put the spotlight on risk, capital and actuarial modelling, with insurers working to embed wider risk management and governance capabilities. However, IGI argues that a side effect of regulation has been the creation of risk functions, risk departments, risk policies, terms of reference, hugely complicated models and a tangled web of ineffective analytics.
“There is nothing more frustrating than seeing teams of excellent people maintaining documentation and grinding out numbers on clunky Excel spreadsheets,” Mr Spurr said.
“By transforming the way we work, we can free up skilled people to use analytics in an intelligent way
that brings real insight into the business. When we do this, risk management and capital modelling
sit at the very heart of the organisation – where they should belong,” he said.
The paper also provides details on the two innovative technologies that IGI are using to transform its risk and actuarial functions. IGI is the first company to combine Reynolds Porter Chamberlain (RPC) ‘Tyche’ stochastic modelling, and Dynamo ‘Psicle’ end-to-end analytics and robotic process automation.
“The speed, nature and scope of implementation has made IGI a reference site for others seeking
to transform their risk and capital analytics,” Mr Spurr said.
For further information, call Sarah Mortimer on +44 (0)7718 882011 or email firstname.lastname@example.org.
Aaida Abu Jaber, PR & Marketing Manager, IGI
T: +96265662082 Ext. 311
Issued by rein4ce on behalf of International General Insurance Holding Limited.
International General Insurance Holdings Limited is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, UAE, Malaysia, Morocco and a wholly owned subsidiary in the U.K.
IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.
Both IGI Bermuda and IGI UK are rated A- with a stable outlook by Standard & Poor’s and A- (Excellent) with a positive outlook by A.M Best Company.
IGI Group of companies underwrites a worldwide portfolio of energy, property, engineering, casualty, legal expenses, directors and officers, financial institutions, general aviation, ports & terminals, marine liability, political violence, forestry and reinsurance treaty business.
International General Insurance Holdings Limited had assets in excess of US$ 889 million as at 31st December 2017.