Arthur J. Gallagher Risk Management Services, Inc., a property and casualty brokerage branch of Arthur J. Gallagher & Co., has selected EigenPrism, a catastrophe-exposure analytics and modeling platform, to shore up its Florida brokerages.
The platform is marketed by EigenRisk, Inc., an independent software and professional services business providing a risk analytics and open architecture model execution platform for insurance, reinsurance, brokerage and risk management professionals.
“EigenPrism empowers our brokers to apply powerful analytics to our clients’ property insurance programs across Florida and other catastrophic-exposed areas of the country,” Dave Marcus, area chairman for South Florida and managing director of Gallagher Public Sector, said. “It provides a great check and balance. We are now able to help our clients visualize and model their exposure to CAT loss from an extensive library of historical footprints; not just what the ‘closed box’ models give us.”
EigenRisk’s partner ecosystem offers insurance and reinsurance company professionals current and consistently updated sources of hazard data and catastrophe models to better inform experts’ questions and yield clearer results for clients. Headquartered in Ann Arbor, Michigan, the firm has operations in Miami, Florida, with additional locations in Bangalore, India; Fairfield, Connecticut; and Orange County and San Francisco, California.
“We can now look deeper into and manipulate data that we could not before,” Marcus said. “Notably, we can develop ‘what if’ scenarios to loss, enabling us to alert our clients of potential losses to impending and real-time events. In turn, that will help facilitate faster and more focused responses.”
Arthur J. Gallagher Risk Management Services, Inc., is the U.S. retail property/casualty brokerage division of Arthur J. Gallagher & Co., an international insurance broker and risk management services provider headquartered in Itasca, Illinois, specializing in customized client solutions and serving over 140 countries.
“We’re proud to work with Arthur J. Gallagher’s Florida team … as they help their clients assess catastrophic exposures, evaluate ‘best, worst and most likely’ loss event scenarios and generally strengthen the breadth and depth of their analytics as they advise their clients,” EigenRisk President Deepak Badoni said.
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