Russell Group launches ALPS - Direct Aviation
LONDON 10 February 2011: RUSSELL Group has announced the launch of the latest solution from its Portfolio management suite, ALPS – Direct Aviation to a meeting of Aviation underwriters and brokers in London.
The event was hosted in the ACORD Conference Suite in the London Underwriting Centre. Russell Group Product Manager Matthew Maddocks outlined the new solution and how it delivers significant benefits for pricing direct airline risk.
Russell Group’s ALPS system already operates in the Aerospace and Financial Institutions market with clients such as Munich Re, Hannover Re, Talbot Validus, Cathedral, AON and Willis. Initiatives are also underway in the Casualty, Marine and Energy markets.
In his address Maddocks explained that the firm felt that a single integrated data set which incorporated airline fleets, traffic, route and loss data was necessary for consistent pricing.
He added: “ALPS Direct Aviation is an ‘open-box’ solution which has been specifically designed for airline insurance. We have developed a ground-up event set using existing data sources which when integrated into the ALPS software will enable consistent pricing decisions at the risk and portfolio level.”
Suki Basi, Managing Director at Russell added “What is clear in the market and will be more so in the future is the fact that from a regulatory and risk management perspective underwriters will increasingly be asked to substantiate their pricing decisions with solid data and to do so they will need robust systems on which they can demonstrate they have based those decisions.”
He added: “With ALPS, Russell Group has consistently delivered innovative products which allow underwriters to work with us to create the solutions; which meet their requirements.”
The event was hosted in the ACORD Conference Suite in the London Underwriting Centre. Russell Group Product Manager Matthew Maddocks outlined the new solution and how it delivers significant benefits for pricing direct airline risk.
Russell Group’s ALPS system already operates in the Aerospace and Financial Institutions market with clients such as Munich Re, Hannover Re, Talbot Validus, Cathedral, AON and Willis. Initiatives are also underway in the Casualty, Marine and Energy markets.
In his address Maddocks explained that the firm felt that a single integrated data set which incorporated airline fleets, traffic, route and loss data was necessary for consistent pricing.
He added: “ALPS Direct Aviation is an ‘open-box’ solution which has been specifically designed for airline insurance. We have developed a ground-up event set using existing data sources which when integrated into the ALPS software will enable consistent pricing decisions at the risk and portfolio level.”
Suki Basi, Managing Director at Russell added “What is clear in the market and will be more so in the future is the fact that from a regulatory and risk management perspective underwriters will increasingly be asked to substantiate their pricing decisions with solid data and to do so they will need robust systems on which they can demonstrate they have based those decisions.”
He added: “With ALPS, Russell Group has consistently delivered innovative products which allow underwriters to work with us to create the solutions; which meet their requirements.”
Labels: Product Announcement
posted by Suki Basi at
07:05
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