InsuranceERM Annual Awards 2023 - UK & Europe

Third-party risk solutions provider of the year: Conning

As a third-party provider of risk solutions, Conning wins this award for the modular functionality of its software tools, which impressed the judging panel who said this provides the flexibility needed in a changing world.

Conning says its different modules are able to work as a cohesive whole for clients, or can be used independently. This means customers can start with a base level of functionality and gradually increase the complexity of their analysis over time.

The judges viewed the fact the vendor now has a software-as-a-service (SaaS) offering as another positive. This harnesses cloud computing to run more complex analysis than would be possible for insurers using on-premises hardware, according to Mark Saunders, director of Conning.

Saunders says an ongoing trend, largely driven by technology, is the move towards producing analysis sooner so that insurance management teams have the most up-to-date information.

Looking ahead, Saunders says there are a few focus areas for Conning in 2023.

He says: “The first is the ongoing expansion of our functionality to include SaaS offerings. This will allow insurers to access our full risk modelling suite in one place: scenarios, asset-liability management, climate risk and strategic asset allocation.

“The second area we plan to build out is our Climate Risk Analyzer (CRA). The CRA is currently used on an ad-hoc basis by a few large insurers, but as regulations become clearer and this sort of reporting becomes ‘business as usual’, we will use our experience to develop a simple end-to-end solution that small and mid-sized insurers can also benefit from.”