London, United Kingdom – February 15th 2012 – Agencyport Software (formerly Sword Insurance), a leading provider of software and services to the global insurance and reinsurance industries, announced today that it has installed its leading edge risk assessment software Open Xposure for two new customers. Global insurance broker Willis and global non-life insurance services provider R&Q have both adopted Open Xposure to manage global risk exposure aggregations for customers in the energy market.
Open Xposure aids the underwriting evaluation process for planning and arranging outward reinsurance protections and for completion of regulatory requirements (such as Lloyd's Realistic Disaster Scenarios). Its revolutionary Google Earth disaster scenario display tool, which enables underwriters to create hurricane exposure maps using actual or hypothetical tracks, was a key selling point for both customers. With Google Earth, underwriters can make rapid and calculated policy decisions by analysing real-time "what if" disaster scenarios and results.
Paul McDonald, Executive Director at Willis said: "Recent developments in our business meant that we needed to look at adopting advanced aggregation capabilities. One of the most appealing features of Open Xposure is the analytical capability to show risk exposure against real and hypothetical disaster scenarios. The Google Earth tool is really innovative and means we can evidence that our decisions have been made with a clear picture of potential losses."
Robin McCoy, Chief Executive Officer of R&Q's Lloyd's Managing Agency said: "To respond to customers in the energy market we have to have a flexible system that supports complex reporting. Open Xposure has been a key factor in winning significant business in this market, with its seamless ability to integrate with other systems, including our Agencyport policy administration system, Open+ turnkey, in the underwriting process."
Phil Race, Managing Director at Agencyport Europe said: "While R&Q and Willis are using Open Xposure to respond to the needs of the energy market, more than 40 of our customers use the solution for all major classes of business. In addition to being outstanding technicians, the Agencyport team has a deep understanding of the nuances of insurance industry--allowing us to help solve a wide range of business issues for our customers. Every product and product enhancement that Agencyport produces is customer-led. After all, who knows better what the customer needs than the customer?"
Agencyport Software lets P&C insurers engage simply and quickly with their product distribution channels and technology partners. We offer the world's leading web-based distribution technologies and robust business intelligence tools—making the complex business of insurance simpler and smarter, increasing efficiency, improving underwriting, and sharpening carriers’ competitive edge.
Willis Group Holdings plc. is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.
Since formation, Randall & Quilter has pursued a buy and build strategy to create a comprehensive range of investment activities and services in the global non-life insurance market and is focused on the following four core areas: insurance investments, insurance services, underwriting management and captives. The Group currently has, a portfolio of nine insurance companies in run-off (from the UK, US and Europe) with net assets of c.£73m as at 31 December 2010, a wide service capability in both the 'live' and 'run-off' markets, a team of approximately 350 insurance professionals based in the UK, USA, Bermuda, Canada and Gibraltar; and provides 'turnkey' management services to new Lloyd's syndicate 1897 and manages two RITC ('run-off') syndicates.