IGI

Forum House 15–18 Lime Street London EC3M 7AN
0207 220 0100
https://www.iginsure.com/
  • About IGI

    Established in 2001, International General Insurance (IGI) is a global privately-owned specialist commercial insurer and reinsurer. Our vision is to be the company of choice for clients and brokers through market-leading service and our reputation for stable management and capital security.

    A diverse and highly experienced team of underwriters operates our office in London. We also have offices in Dubai, Amman, Casablanca and Kuala Lumpur.

    Our diverse portfolio of specialty lines includes Energy, Property, Construction & Engineering, Ports & Terminals, Financial Institutions, Aviation, Professional Indemnity, Political Violence, Legal Expenses, D&O, Casualty, Forestry and Treaty Reinsurance.

    Standard and Poor’s upgraded our financial strength rating to “A- “, with a Stable outlook. A.M. Best rated the company A- (Excellent), with a Positive outlook, stating, “the revised outlook reflects IGI’s consistent record of very strong operating performance and the continuous improvement in its enterprise risk management framework.”

    We take pride in providing proactive claims management, coupled with open communication, leading to the efficient handling of claims. We endeavour to act fairly and honourably in our relations with clients and brokers. 

IGI future-proofs its business with analytics technology revamp

IGI-future-proofs-its-insurance-business-with-analytics-technology-revamp

International General Insurance Holdings Limited (IGI) has published research setting out how the global insurance entity has modernised its risk, capital and actuarial modelling capabilities to improve the way the company evaluates its own risk.

Transcending the Normal: A New Model for Risk Management delves into the technical detail behind IGI’s ground-breaking project. The company has overhauled its quantitative analytics platforms in a bid to bring its risk and actuarial functions back into the heart of underwriting.

“Change is a risky business. But taking measured risks is what insurance is all about,” Hatem Jabsheh, Chief Operating Officer at IGI, said in the foreword. “Implementing change in an insurance company is no easy task, and it takes courage. We knew we had to modernise our systems in order to keep up with our clients’ needs and future-proof our business.”

Regulations such as Solvency II and IFRS17 have put the spotlight on risk, capital and actuarial modelling, with insurers working to embed wider risk management and governance capabilities. However, IGI argues that a side effect of regulation has been the creation of risk functions, risk departments, risk policies, terms of reference, hugely complicated models and a tangled web of ineffective analytics.

“Our mission is to bring our risk and actuarial functions back to the fore – using technology coupled with internal talent, in order to deliver real and sustainable value,” said Simon Spurr, Group Head of Risk and Capital Management at IGI, and one of the authors of the research.

“There is nothing more frustrating than seeing teams of excellent people maintaining documentation and grinding out numbers on clunky Excel spreadsheets,” Mr Spurr said. “By transforming the way we work, we bring risk management and capital modelling to the very heart of the organisation – where they should belong.”

The paper provides details on the two innovative technologies that IGI are using to transform its risk and actuarial functions - Reynolds Porter Chamberlain (RPC) ‘Tyche’ stochastic modelling, and Dynamo Analytics ‘Psicle’ end-to-end analytics and robotic process automation.

“A process that took days to complete now takes a matter of minutes,” Sunnie Luthra, IGI’s Risk and Capital Actuary said. “This has freed up our skilled actuaries to perform deep analytics for all the individual portfolios.”

The speed, nature and scope of implementation has made IGI a reference site for others seeking to transform their risk and capital analytics.

To see the full report from IGI that outlines the enhancements they have made, CLICK HERE

If you would like to talk to IGI about the enhancements they have made to their business, CLICK HERE, leave a message and youTalk-insurane will pass your enquiry on