Qomplx bolsters insurance analytics offering with Tyche acquisition
Risk analytics and insurance technology provider Qomplx is acquiring RPC Tyche, an insurance software modeling and consulting firm based in London, Cambridge, Paris and Chicago, to bolster its data-driven offering.
The strategic acquisition follows Qomplx's planned merger with special purpose acquisition company (SPAC) Tailwind Acquisition, which is expected to complete in mid-2021.
Together, Qomplx and Tyche will build an insurance data factory with superior capabilities for data integration, transformation, analysis, and contextualisation for corporations, employees, and consumers. The combined business will offer a comprehensive insurance underwriting, pricing, risk modeling, capital modeling, and reserving functionality.
Qomplx's Q: Insurance suite, led by Alastair Speare-Cole, is a fully integrated, data-driven decision platform linking efforts across the insurance value chain, including underwriting and/or referrals, pricing, risk management, and reinsurance. Tyche’s core modeling platform focuses on the complex challenges facing insurers, such as pricing risks, modeling and reserving capital, and improving efficiency. It helps reduce the time and costs that insurers, reinsurers and intermediaries face in producing actionable data feeding.
Qomplx said Tyche’s specialised software will accelerate its ability to model capital and pricing risk. The combined firm will be competitively positioned with an integration of domain-agnostic and cloud-agnostic technologies.
“Tyche has made significant leaps in actuarial modeling and has built a tremendously well respected business serving some of the largest insurers, reinsurers, and risk intermediaries," said Jason Crabtree, Qomplx’s co-founder and CEO.
“We are very excited about how the combined business and technology capabilities will help our customers further their actuarial and data science efforts as part of the modern data supply chain in insurance,” he added.
Alun Marriott, managing partner of Tyche, noted the deal will "unlock significant untapped potential in smart insurance modeling and dynamic areas like cyber insurance".
“We believe our category leading actuarial modeling software and growing client portfolio across Europe and internationally will add exceptional value to customers, especially when combined with other Qomplx Insurance offerings,” said Marriott.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
