Lockton launches 'first-of-its-kind' automated placement solution with Nephila
Lockton Re, the global reinsurance business of independent insurance broker Lockton, has partnered with Nephila Capital, the largest catastrophe insurance-linked securities manager, to create a fully automated submission to quoting capability.
The "first-of-its-kind" automated placement solution, called Lockton Re SAGELink, automates the lengthy process of price discovery between reinsurance intermediary broker and reinsurer.
It fosters tighter integration of treaty visualisation features with reinsurer underwriting workflow management, producing new value for cedents.
Claude Yoder (pictured), global head of analytics at Lockton Re, explained: “Marrying best in class analytics and forward-looking technology, Lockton Re and Nephila have each deployed custom-built APIs which, via Lockton Re SAGELink, enable Lockton Re to uniquely identify, model, submit and receive pricing of reinsurance on behalf of cedents”.
Yoder added: “These new digital broking features are a truly unique capability within the marketplace and a credit to our commitment to leading through innovation and the talented analytics and technology teams at both firms. This technology enables sophisticated scripting of catastrophe modeling, submission bundling, and quote workflows. It has moved the technology needle for the (re)insurance industry.”
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