Fractal Industries Inc., today announced the launch of a Managing
General Agency (MGA) to provide insureds with one single and simple
insurance policy for multiple perils, which supplements existing
multiple polices bought by insureds. Fractal’s MGA uses the Fractal
Advanced Insurance Decision Platform (AIDP) to create an underwriting
platform that integrates data, analytics and the skills of the
underwriter and is inter-operable with broker platforms, back-office
accounting systems and third-party models.
Fractal AIDP allows insurers to automate much of the underwriting
process for any class of business, and within a single platform offer
insureds multi-class policies. AIDP can also provide underwriters with
real time integrated aggregation tools, tail risk analysis, true risk
transfer costs, and insight into impacts on regulatory capital. AIDP is
structured to support insurance, reinsurance or retrocession views of
risk and can integrate vendor models, Fractal models, and client models
within the underwriting process.
Fractal is targeting the growing small to medium-sized (SME) insurance
market in the UK and will be partnering with various large distributor
and broker platforms.
“We realised from the outset that too many of the solutions being
offered to the insurance community were only part solutions, and that
there was a need to create an underwriting platform that could not only
integrate data, analytics and AI and the skills of the underwriter, but
was inter-operable with broker platforms, back office accounting systems
and third party models,” said Alastair Speare-Cole, the President of
Fractal’s Insurance Division. “And we could think of no better way of
demonstrating its capability than to bring a unique product to market
ourselves.”
About Fractal Industries Inc.
Fractal Industries is a world leader in applying artificial intelligence
to solve complex, real-world problems at petabyte scale. Its flagship
offering, Fractal OS™, is a world-class Data Analytics-as-a-Service
platform that blends capabilities ranging from data fusion, analytics,
and reporting to advanced algorithms, simulations, and machine learning
to drive optimization and enable timely, deeply insightful
decision-making across the enterprise, especially for cyber-risk,
insurance, and quant-finance use cases. Headquartered in Reston, VA,
Fractal Industries also has offices in New York and London. www.fractalindustries.com
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