EigenRisk Platform Selected by Lockton Companies
KANSAS CITY, Mo.–(BUSINESS WIRE)–Lockton Companies, the world’s largest privately held, independent insurance broker, has selected EigenPrismTM, the EigenRiskTM platform for catastrophe exposure analytics and modeling, to enhance its ability to address the complex risk management and insurance needs of clients around the world with significant exposures to natural catastrophes.
As an early user of EigenPrism’s beta releases, Lockton helped evaluate and refine many of the modules currently available on the platform.
“We have seen first-hand how the platform enables our brokers and consultants to analyze catastrophic property exposures by individual client locations faster and with greater precision. This facilitates more effective post-event planning, response and claims management, as well as enhancing our ability to better prepare our clients for their insurance renewals,” said Michael Andler, head of Lockton’s U.S. Property Practice.
“As risks confronting our clients become more complex, we constantly look for solutions to help them evaluate their exposures around the world more effectively,” said Justin VanOpdorp, chief analytics officer of Lockton. “The tools, data and analytics available through EigenPrism significantly enhance our ability to assess, mitigate, and manage the varied and challenging catastrophic risks businesses face today.”
“We are excited to offer an enhanced visual experience to our clients and client service teams, providing greater insight to their risks and model output results,” said Jeff Tennis, lead Property CAT analyst for Lockton.
Notably, EigenPrism will provide risk professionals at Lockton with access to high-speed modeling and robust analytical capabilities. Lockton’s experts will be able to run multiple scenarios from multiple data and modeling partners on the platform, enhancing their ability to help clients assess catastrophic exposures, allocate resources for disaster planning and property claims management with greater speed and efficiency, and negotiate related coverages more effectively with underwriters.
“We’re pleased to have entered a new phase in our relationship with Lockton’s Property and Analytics teams and are excited about expanding our ongoing collaboration as we continue to enhance our platform’s analytical and modeling capabilities and the value it unlocks for our customers,” said Deepak Badoni, president, EigenRisk, Inc.
EigenRiskTM, Inc., an independent software and professional services firm, delivers a speed-of-thought risk analytics and open architecture model execution platform to the insurance, reinsurance, brokerage, and risk management community. Headquartered in Ann Arbor, MI, the firm has operations in Bangalore, India; Fairfield, CT; Miami, FL; Orange County, CA; and San Francisco, CA. EigenRisk’s partner ecosystem offers insurance and reinsurance company professionals new and growing sources of hazard data and catastrophe models so they can ask more informed questions and deliver more transparent results. The firm also offers clients the ability to access a collection of high-performance engines that power its analytics modules using a set of application programming interfaces (APIs). Thus, clients can choose to integrate the modules into their existing enterprise applications. Visit www.eigenrisk.com.
More than 5,600 professionals at Lockton provide 48,000 clients around the world with risk management, insurance, employee benefits consulting, and retirement services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 10th largest overall. For seven consecutive years, Business Insurance magazine has recognized Lockton as a “Best Place to Work in Insurance.” To see the latest insights from Lockton’s experts, check Lockton Market Update.