Best analytics solution: The Analytics Boutique, Structured Scenario Analysis
Structured Scenario Analysis (SSA) is a web platform provided by The Analytics Boutique (TAB), a UK-based risk analytics vendor that collects and manages risk scenario analysis for capital modelling and risk mitigation.
It provides a full workflow together with user-friendly modelling and Monte Carlo simulation: this allows the monetisation of risk estimates, rather than creating traditional traffic lights and risk maps.
InsuranceERM's judging panel praised the breadth and depth of TAB's submission, and how SSA supports a disciplined approach for clients and provides a good, user-focused solution.
SSA can help clients with scenario planning, advanced modelling and mitigation analysis.
For example, potential risk scenarios can be identified, voted and ranked by selected experts. Risk considered important can then be selected for further analysis and modelling.
Meanwhile, SSA also allows experts to visualise the impact of introducing mitigation plans into an existing risk profile.
Rafael Cavestany Sanz-Briz, the founder and chief executive of TAB, says: "Analytics is a critical area for insurers now. It's critical for all financial institutions, but particularly for insurers because they are predicting and pricing the future."
He adds that TAB helps insurers calculate their capital requirements for Solvency II, as well as providing operational loss forecasts based on macroeconomic and other indicators.
"We have also embedded very innovative analytics for managing cognitive biases," says Cavestany Sanz-Briz.