Harness the Power of Matisse During Pricing Season: Underwriters

May 6, 2021 / 4 min read

Matisse is a customizable analytics dashboard that streamlines reinsurance and retrocession pricing, simplifies structuring workflows, and facilitates intelligent portfolio management. Matisse was designed with Analyze Re’s vision of speed, scalability, and flexibility in mind to transform and simplify industry risk management practices.

Using Nova Re, a fictional reinsurance company we introduced in our last blog post on Matisse, we will illustrate the benefits of Matisse, specifically for underwriters who need to make quick and informed decisions.

Meanwhile, at Nova Re…

Jane, a Nova Re underwriter whose prior position was cat modeler, has now been using Matisse for a few months and believes she has uncovered how she can use Matisse to make her job easier.

Time is crucial for underwriters like Jane, considering the number of deals she must evaluate at any given time; things can get a little chaotic. Jane needs a tool that is intuitive to use and can help her quickly assess the profitability of a contract based on the output from her catastrophe models. Matisse leverages profit-based analytics by providing tools and an intuitive UI to help Jane get the job done quickly and efficiently. Matisse is designed to facilitate the reinsurance underwriting process and picks up where the modeling process leaves off, which is exactly where Jane’s workflow starts.

Seamless Team Collaboration

Within Matisse, Jane opens Nova Re’s “Catastrophe Modeling” dashboard and reviews the work prepped by the Catastrophe Modeling Team. Matisse allows users to view each other’s dashboards for seamless team collaboration, eliminating the need for file sharing and messy handoffs. In this dashboard, Jane can glance at the different modeling firm’s results and how they compare, viewing multiple risks in one place. Once satisfied with the work that the Catastrophe Modeling team has done, Jane can now get to work and assess the deal’s profitability.

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Figure 1. View other team member’s dashboards for seamless collaboration.

Customizable Dashboards

Jane opens her dashboard, which has been customized based on her workflow and the metrics she wants to see while pricing a deal. Jane’s dashboard specifically includes sections for terms and loss adjustments, profitability metrics, pricing parameters, and more (Figure 1.) Each user’s dashboard is completely customizable and flexible enough to handle all the different workflows on Jane’s team.

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Figure 2. Jane’s customized underwriter dashboard

Pricing—Recalculating on the Fly

Within her dashboard, Jane starts to quickly assess the profitability for the quoted Rate on Line (ROL). She notices that there is an issue with the first layer, making the deal unprofitable. Jane realizes that she did not correctly capture that the reinstatements on this layer are not free. She enters the reinstatement cost, and the new values are recalculated instantly. The flexible UI allows her to easily manage custom formulas for enhanced pricing, marginal impact analyses, and querying.
Jane moves on to discuss the deal with Nova’s broker, sharing that it is looking profitable. With the help of Matisse, Jane can now bind the deal and close out the pricing season in record time.

Not a Nova Re Underwriter?

We understand other underwriters may use or emphasize different loss levels or risk metrics which is why we made Matisse’s dashboards capable of handling this type of diversity. Users can assess the impact of applying loss loading factors per loss set against unloaded losses, and then see the impact of these factors as the losses are layered. Users can load up both cat and non-cat losses into their structures and combine them for layering. Matisse allows you to reflect your own view of risk, while incorporating dashboard templates that allow you to get up and running quickly.

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Figure 3. Load both cat and non-cat losses into structures and combine them for layering.

Not an Underwriter?

No problem. Matisse is customizable and flexible enough to fit the needs of many different groups throughout your organization. Whether you’re an underwriter, portfolio manager, or chief risk officer, Matisse can adapt to suit many diversified workflows to help improve the proficiency and accuracy of your risk metrics.

With Matisse, you can quickly visualize and investigate reinsurance structures, analyze multiple views of risk, and collaborate across teams more efficiently. It provides easy-to-use decision-making tools, rich insights, and intuitive visualizations that help drive top-line growth. Using Matisse, your teams will benefit from fast and flexible analytics, enhancing data transparency and driving more profitable and confident reinsurance decisions. Close out your next pricing season in record time with Matisse.