The London Market covers such a broad and diverse range of business that it can be challenging to navigate and compete in without the right software and tools.
Verisk offers an entire suite of products and services to help you understand the risk you are taking on and make more informed decisions.
London Market insurers write insurance and reinsurance policies across many different lines of business and geographies and need to be able to process insurance applications and make decisions around policies quickly and effectively. From policy language and Lloyd’s specific wordings to property characteristics and catastrophe analytics, Verisk provides a range of tools to underwrite more accurately and efficiently.
Analysing loss trends, evaluating reserve adequacy and assessing the increasing or decreasing importance of perils a cost driver are all key to ensuring you are making better-informed pricing and actuarial decisions. Verisk provides aggregate premium and loss experience data from one of the largest property & casualty databases in the world, and offers many services to actuaries including benchmarking, classification analysis, product development, loss development trends, loss ratios and profit measures.
From the relatively small and straightforward to the large and complex, the London Market settles billions of pounds’ worth of claims to policyholders all around the world. Verisk endeavours to support claims departments with claims management tools and software that speed up processes, validate information and detect fraud.
The London Market plays an integral role in responding to catastrophic weather events and ensuring business continuity. Verisk supports the market with real-time weather analysis, predictive analytics, and a whole host of catastrophe risk models and solutions to help you take a more proactive approach to these extreme events and manage your exposure.
As digital solutions and InsurTech present faster and easier ways of doing business, the London Market will also need to take advantage of these technologies and innovations to ensure it remains competitive. Verisk offers platforms and tools that help you better manage your time and resources by cutting out unnecessary processes and costs.