Connected strategy to deliver insight, analysis, action

Russell Group’s Suki Basi on the need for a connected strategy to address connected risk.

Russell Group is undergoing a strategic transformation to provide its (re)insurance clients and corporate working group with forward-looking data and analysis that build a holistic view of risk. We are building our connected risk proposition of deeper insights and analytics at a time of rapid transformation and uncertainty.

For example, the Russell team works with 15 data supplier partners to ensure that the latest data is available, cleansed, name matched and connected to provide the insights that clients require to visualise their exposures.

Pricing business risks – data science approaches

Our commitment to deliver robust data science approaches for pricing business risks is rooted in our adoption of advanced analytics, allowing clients to navigate the pathways of risk in various domains – aviation, marine, energy and casualty.

By employing sophisticated algorithms and predictive models, our analysis is underpinned by data insights from myriad sources, synthesising information to grow an actionable risk profile. Our models are adaptive to the volatile nature of the market and various global influences, ensuring that risk pricing is reflective of the current landscape.

Real-time data and connected insights

By correlating interconnected data points and deploying machine learning algorithms, we seek to formulate a predictive analysis that is deeply rooted in the reality of interconnected business environments, ensuring a seamless flow of insights across various risk classes.

The resulting analysis not only delivers a clear viewpoint of current risk but also proactively signals possible future shifts and vulnerabilities. As a result, (re)insurers and corporates not only perceive risks but are also able to strategically position themselves in a way that optimises resilience and sustainability amidst the numerous challenges posed by the current global economic scenario.

Scenario factory

In today’s environment, where events involve a more connected risk, it is vital that an organisation can know and mitigate any potential exposures to their business. At Russell Group, we believe that tackling connected risk requires a connected solution.

The Russell Scenario Factory helps an organisation to quantify threats and scenarios from an economic loss perspective, while Russell ALPS quantifies the insurance and reinsurance exposure from such threats and scenarios.

A major difference between Russell’s approach and current models out there is that our solution is forward-looking. It seeks to analyse and understand an economic loss or connected loss for a (re)insurer before the event, not after. The benefit of this approach is that an organisation can pre-empt any potential hits to their business, helping them to become resilient in the long term.

Suki Basi is managing director at Russell Group