QIC Global Implements Sequel Impact for Cyber Risks
New agreement expected to make a positive impact to QIC Global, improving flexibility and functionality for modelling cyber exposures.
LONDON, United Kingdom, March 22, 2019 — QIC Global, the umbrella organisation for Qatar Insurance Company’s (QIC) international trading brands, including Antares and Qatar Re, has signed a contract to use Sequel’s Impact system to deliver flexibility and functionality in order to capture and aggregate complex cyber exposures. Sequel is a Verisk (Nasdaq:VRSK) business.
When QIC Global looked to model cyber exposures, they turned to a system with which they are already well-versed, having used Impact for their energy and terrorism portfolio exposure management.
‘From experience, they knew Impact was a highly flexible and configurable tool’, explained Sequel’s Head of Business Development, Ben Churney. ‘Sequel Impact offers a highly flexible and configurable data schema. Using Impact as the data repository, they have the flexibility of data capture and storage and the ability to export data to their model and run deterministic scenarios if required’.
Churney added: ‘We are pleased that QIC Global has recognised the benefits that Sequel Impact can bring to their business. We have built a strong and successful alliance with QIC Global, and our latest agreement strengthens those ties and enables QIC Global to improve their business and their ability to meet the needs of their customers.
‘The system delivers true flexibility and enables QIC Global to build a range of models that will provide their underwriters with the data to more accurately understand the risks they assume and the level of their exposure’.
QIC Global’s Chief Risk Officer, Mark Graham, added, ‘Sequel Impact has a robust and proven model-friendly data export function. Impact also offered us the flexibility to, if we wish to implement it, link to QIC Global’s in-house policy administration system to speed up data capture. We were already aware of the capabilities the system delivers, and we are delighted that we have been able to use Impact to enhance our capability to offer cyber risk products to our growing number of international clients’.
Sequel, a Verisk (Nasdaq:VRSK) business, is a leading insurance and reinsurance software specialist. From its headquarters in London EC2, the company employs talented insurance and technical experts in the UK and Spain who are dedicated to complex commercial and specialty insurance and serving its clients’ businesses.
Sequel delivers a modern, powerful, and integrated suite of software that provides full end-to-end management of all insurance and reinsurance business. As a result, its clients are able to grow and better manage their business through greater efficiency, flexibility, and data governance. For more information, please visit http://www.sequel.com.
Edelman (for Sequel)