GAIA is a single integrated platform that houses all analytics capabilities in one place, Gallagher Re said. The company estimated that combining all capabilities into one platform could shave up to 80% off the time required to generate the same level of insights using multiple tools.
Benefits of the platform include:
GAIA’s capabilities as a single, integrated platform will be developed in three key tranches:
“The big investments and rapid build-out of our broker modelling capability witnessed at the turn of the century represented only the first wave of reinsurance analytics power and potential,” said Ed Messer (pictured above), head of analytics at Gallagher Re. “Value-added analytics consultancy, which goes far beyond the reinsurance transaction, is now an accepted and expected part of the client offering. But many of those legacy systems are today cumbersome and costly to maintain; they struggle to keep pace with the speed of technological change. In GAIA, we offer a long-term, strategic alternative that utilises the latest cloud-based technology and can be quickly and easily scaled in a considered, commercially viable and impactful way. Our mission is to eradicate low-value, button-clicking analytics and focus instead on always providing higher-value advisory services.”
“Pushing the boundaries of innovation and creating client-centric solutions is part of our DNA at Gallagher Re,” said Tom Wakefield, CEO designate at Gallagher Re. “Above all else, innovation requires investment in the best brains, and that’s exactly what we’ve done, adding new capabilities to existing layers of expertise. Our team now combines the industry’s top talent in terms of analytics experience, reinsurance architects, actuarial expertise and catastrophe management. GAIA is the result: a fully scalable, global platform that leverages cloud-based technology and one that will take a huge amount of inefficiency out of current reinsurance analytics practices. That means more time spent advising out clients and discussing the insights gleaned from GAIA and less time turning the handles. GAIA will be a game-changer in the world of reinsurance analytics.”