As an industry, insurance is fairly unique. Insurance packages the raw material of capital, and delivers a product that consists of a promise of financial recuperation and, in many cases, personal support and service in the event of a loss or liability. Its scope leaves little of the human world untouched, with every life, asset or liability a candidate for some form of coverage and protection.

Some of it is literally rocket science, with insurance coverage of aerospace, satellite and space exploration fields.

Over a 20-year career in insurance, my enthusiasm has been continually refreshed by the variety that exists in this market. And while this variety is a boon for attracting and retaining interest in the industry, it is also a root cause behind the perception that the industry under-invests in technology.

To support the pricing of an insurance contract, and facilitate effective management of the portfolio of exposures, it is first necessary to define the risk profile of the insured assets or liabilities. This profile consists of the coverage terms of the insurance arrangement; the hazards to which the risk is exposed; the mechanics of how the risk will respond to an event; and the financial impact that this combination incurs.

For a well-defined insurance product, like home or car insurance, over a localised and homogenous book of business, the scope of this risk profile is constrained and manageable. For a Specialty insurer operating in several jurisdictions, with flexible product definitions for diverse and exotic lines, it is ultimately one of the most complex modelling conundrums that a business intelligence practice will face.

The following series of articles will look at Verge360’s approach to one aspect of this information challenge, Portfolio Management, and how operational engineering and choosing the appropriate technology can assist in meeting the needs of the modern Specialty insurer.

Part I - Portfolio management, an exercise in balance and appropriateness

Part II - Managing portfolio complexity through data management and legacy abstraction

Part III – The role of alternative data management methodologies in defining the Portfolio

Part IV – Consolidating workflow and data integration into a Programmatic Data Strategy

Part V – A perspective model and the self-service portfolio

Paul Owen heads up Analytics and Technology and is a Co-Founder of verge360.

To find out how verge360 can work with you to address these challenges in your organization please contact us on

or check us out on our web site

#insuranceportfoliomanagement #portfoliodatastrategy

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