InsuranceERM’s 2020-21 online directory of the latest technologies used for insurance risk and capital management is now live and can be accessed by clicking here.
This year’s technology guide provides a breakdown of over 60 vendors with details of more than 100 products. The guide also contains nine corporate statements from leading software solution vendors, describing the systems that insurers use for risk, capital and asset management.
The guide includes a rapid search facility, with products and vendors searchable by name.
Products are also searchable by type of system – for example, catastrophe modelling, economic scenario generator, ALM, internal/external reporting, reserving and cyber risk management.
Users can also search by platform (cloud, desktop, etc) and features (whether they facilitate Solvency II internal models, or compliance with IFRS 17, etc).
New features in this year’s guide include an update by vendors on software dealing with the US LDTI accounting change. For the first time, software providers also share the market trends they are witnessing in terms of customer demand.
InsuranceERM deputy and commercial editor, Ronan McCaughey, who produced this year’s guide, said: “Covid-19 has of course severely disrupted the insurance market this year, but it also forced insurers to accelerate the adoption of cloud technology. The pandemic will also drive more sophisticated risk modelling.
“Technology vendors agree the pandemic has highlighted why the insurance industry needs to digitise, but there is also a fear many insurtech start-ups will not be able to wait until insurers switch their focus from grappling with Covid-19 and back to innovation.
“Overall, the coronavirus crisis has underscored the need to map out the connections between risks throughout economies and markets – and technology can greatly aid that process.”
A basic listing in InsuranceERM's technology guide is free of charge, but at the discretion of the editor. Email [email protected] with any questions.