Vitor Ribeiro, head of data, AM Re Syndicate
Insurance companies have always collected lots of data—now they are learning how to use it better. Brendan Kelly and Vitor Ribeiro of AM Re Syndicate describe how they overhauled their own systems and processes to overcome the firm’s data challenges in-house.
Regardless of size, insurance companies have always collected a wealth of data. Whether it’s a past policy holding firm many decades later (as long as the cause of loss occurred during the policy period), or an increasing number of policyholders moving online to review products and prices, make purchases, and file claims—the volume of data in insurance has increased exponentially in recent years. Case in point: over 90 percent of the data in the world has been generated in the last two years alone.
At AM Re Syndicate, a specialty programme reinsurance provider, managing this increasingly vast amount of data was beginning to weigh heavy on resources. The company was faced with two options: to invest in external technology or to invest in its people. It chose the latter.
AM Re operates in a highly focused niche of the reinsurance market. It writes specialty quota share programmes on behalf of reinsurers worldwide that want to participate in the US market. Since AM Re has agreements with cedants, brokers, sponsors, and reinsurers globally, its primary goal is to translate all the different data formats into comprehensive databases that can be used internally for analysis and externally for periodic reporting.
AM Re Syndicate, Technology, Cyber, Data, Insurance, Reinsurance, Brendan Kelly, Vitor Ribeiro, North America