Introduction to Colt's focused insurance offering
Colt has spent nearly 15 months exploring the London Insurance Market (LIM) and its constituent parts, in an attempt to draw out technical pain-points experienced by the LIM, and analyse whether Colt products and solutions can be used to assist these issues.
As a result of this work, Colt now has certain LIM specific solutions, all of which use Colt infrastructure and skills, to address recognisable problems that managing agents, companies and brokers come across in their everyday lives.
The following issues represent the focus of our current efforts:
Cat modelling tools have become a central part of operations for every underwriter in the LIM. Given their uneven usage patterns, which encompass regular regulatory reporting, ad-hoc usage or post-catastophic analysis, many organisations find themselves in a position where they never have the right level of infrastructure. Too much when times are quiet this having 'wasted' hardware, or nowhere near enough causing delays in response at times of analysis stress.
Colt can offer a solution to this issue, to provide the right levels or resource, practically on demand, on a pay as you go or committed basis. We commenced testing of one of the cat systems on the Colt cloud in late March, are in direct discussions with a second supplier at this time, and hope to bring the third and final supplier into the loop shortly.
For regulatory and reporting reasons, not to mention to enhance a firm’s ability to practise good governance, control of and reporting on a company’s processes has become a key part of management over the last few years.
By partnering with the financial market’s leading supplier of mortgage application control software, Colt has used its scale to introduce a partner of substance to the LIM, to produce solutions created with the modern market in mind, rather than adapt systems designed for a less demanding past.
The results are as much reflected by the lowered total cost of ownership as the capability of the partner concerned, who brings skills more often found in the high-revenue finance sector than the lower-priced insurance solution market.
Focused solutions to LIM activities have been developed as a first requirement, rather than as an add-on to other systems – the solutions are designed to meet London’s needs directly, and have not been adapted from use in other markets or industries. This is especially true on the claims side where a solution that will handle and process ECF2 activity will be available shortly, and we will shortly conclude an agreement with a leading Lloyd’s Syndicate to pilot the claims control system
A similar pilot on the underwriting and business acquisition side, again with a Lloyd’s Syndicate, is currently under negotiation.
Managed Services Outsourcing
Most organisations in the LIM are familiar with outsourcing of fileservers, and indeed many have actually taken this step, usually through the co-location route.
However, full managed services has been less well adopted by the LIM, for a variety of reasons such as loss of control, perennial patching issues caused by the realities of some of the systems used within the LIM, or the reality that fast moving business require rapid solutions which full managed services can often not respond to.
Through investment in contemporary technology, and via partnerships with IT household names such as VMware, Colt can now answer many of the problems directed at managed services.
Test environments will be available (without charge) for the foreseeable future for clients to try the solutions out, and we would be delighted to explore the options available.
Backup, DR and Storage
This area has been a thorn in the side of LIM companies for some years now.
Using a combination of Colt’s existing infrastructure and recent product developments, we are confident that we can demonstrate to insurance clients how we can assist in this area, especially for storage of DR data, and the retention of catastrophe modelling databases.