Monte Carlo 10 September 2011: Russell Group, the leading risk management software provider to the specialty (re)insurance market, today announces the launch of its new solution for enterprise wide multi-class risk management. The solution comes in response to a growing market demand for group wide solvency analysis and marks a change in the company’s approach from providing line of business specific software to providing enterprise level solutions.
“ALPS Enterprise is the culmination of the knowledge, experience, and existing product range that Russell has built up over the past 15 years of working with the specialty market” commented Suki Basi, Managing Director at Russell. “The product builds upon the strengths of the ALPS existing line of business solutions in aerospace, marine, energy, and non-marine and extends into cross-class aggregation analysis and enterprise wide portfolio modeling.”
Russell’s new multi-class framework provides a consistent level of functionality and analysis for direct, reinsurance, and retrocession underwriters across the various specialty classes with data management, aggregation control, inwards and outwards risk pricing, and portfolio modeling within a single installation. In addition to known classes there is also the ability for user’s to define their own classes using the underlying risk models and the generic logic within ALPS Enterprise.
ALPS also allows companies to take maximum advantage of third party data available in the various specialty lines. “Due to the fact we are not a proprietary data provider we are able to source the best third party data available in each of the lines of business and integrate this directly into our software” said Mr. Basi. “We think this provides maximum benefit to our clients and gives them a level of flexibility and transparency not available in other solutions”.
ALPS has been developed on a Microsoft platform and is an “open box” solution, giving users the ability to integrate the software within their company’s own IT architecture, and can be completely configured to represent the users view of the risks they are assuming. “We wanted to provide something that would meet the current and future needs of the (re)insurance underwriting and risk management community. Our software allows users to understand the risks they are underwriting, but is based on their view of risk not ours – something that we feel is very important” commented Mr. Basi.
“Overall we are confident that what we are providing to the market gives them the control structure and sophistication of analysis to meet internal and external risk management requirements imposed by shareholders, CEO’s, regulators, and rating agencies” concluded Mr. Basi.