Dynamo Analytics scoops this award in recognition of its technology-led approach to actuarial consulting and financial process transformation, the capabilities of its software platform Psicle and for having a diverse talent pool.
Now in its 12th year, the provider's client base is global and includes a broad range of multi-territory international groups, household personal lines brands, Lloyd's insurers, and captives. A key part of the consultancy's offering is its proprietary actuarial modelling platform, Psicle.
Dynamo Analytics impressed the judges with its strong growth in recent years and how it has managed to break into a competitive Americas market, completing a major reserving project with a large US P&C insurer. Group revenue has tripled over the last three years to over $10m per year, an average 40% year-on-year growth since it launched. Over three-quarters of this revenue is associated with the implementation and adoption of Psicle.
The firm's high-quality approach to actuarial consulting and the breadth of its team's skillset, which it has brought to the US market, stood out. A focus on research and development that involves internal working groups constantly enhancing its propositions and evolving commercial areas, such as machine learning and artificial intelligence, was also commended by the judging panel.
Looking ahead, a spokesperson for Dynamo Analytics says actuarial and risk modelling will significantly change in the next decade.
The spokesperson tells InsuranceERM: "The overarching driver is the demand for modelling to be fully embedded in business decision making. And with that comes a demand for predictive models to enable more proactive decision making."
As the complexities of models increase and demand for model speeds rise, the provider's spokesperson says: "The way to succeed will be to combine human expert judgement with technology – and artificially generated judgement – in optimal ways to create robust, transparent, insightful, fast modelling algorithms and processes.
"Through Psicle, we embrace these changes and we're helping clients design and implement the models and modelling processes for their future."
