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QIC Global in new partnership with Verisk unit

QIC Global in new partnership with Verisk unit | Insurance Business

QIC Global in new partnership with Verisk unit

QIC Global has turned to an existing ally for its cyber modelling needs.

The umbrella organisation for Qatar Insurance Company’s (QIC) international trading brands, such as Antares and Qatar Re, has tapped Verisk business Sequel for its Impact system – the same exposure management platform used by QIC Global for energy and terrorism perils.

“From experience, they knew Impact was a highly flexible and configurable tool,” commented Sequel business development head Ben Churney. “Sequel Impact offers a highly flexible and configurable data schema.

“Using Impact as the data repository, they have the flexibility of data capture and storage and the ability to export data to their model and run deterministic scenarios if required.”

The new partnership, a contract for which has been signed, will see QIC Global utilise Impact in capturing and aggregating complex cyber exposures.

“Sequel Impact has a robust and proven model-friendly data export function,” noted QIC Global chief risk officer Mark Graham. “Impact also offered us the flexibility to, if we wish to implement it, link to QIC Global’s in-house policy administration system to speed up data capture.

“We were already aware of the capabilities the system delivers, and we are delighted that we have been able to use Impact to enhance our capability to offer cyber risk products to our growing number of international clients.”

Meanwhile the London-headquartered insurance and reinsurance software specialist pointed to its successful alliance with QIC Global, and Sequel’s Churney believes the latest agreement further strengthens their ties.