SOFTWARE DEVELOPMENT – The story of predicting risky outcomes
Being an insurer is a risky business, especially with all the current uncertainty in the world. Big insurance companies hire expensive logistical professionals to calculate the potential issues when purchasing reinsurance, so businesses are less likely to take a big hit in case of a crisis. This is an expensive and long-winded process and there’s no one stop shop that any sized insurance company can use to assess the probability of a situation.
After much jiggery pokery and many different prototypes, versions and user testing, the team working on finding a solution managed to develop a cloud based system with operational algorithms which can be accessed by anyone in the industry and not just a luxury product for the big boys with time and money to spare.