National Reinsurance Corporation of the Philippines Partners with URS for Risk Management Analytics and Enhancements
National Reinsurance Corporation of the Philippines (NRCP) has announced its partnership with Ultimate Risk Solutions (URS), the leading provider of insurance and reinsurance analytical and other software enhancements for risk management. The collaboration enables NRCP to provide to Philippine life and non-life insurance companies reinsurance optimization analysis to reduce the cost of reinsurance and to streamline the analytical processes.
According to Augusto Hidalgo, CEO of NRCP, the Company has licensed several URS products: Risk Explorer™, the dynamic financial analysis software instrument used by many prominent insurers, reinsurers, brokers and insurance regulators across the world as a risk modeling and strategic decision-making tool; Res-Solver™, the stochastic loss reserving software; and Predictable Dynamics, a global economic scenario generator that simulates the behavior of macroeconomic indicators in various economies.
Mr Hidalgo stated: "NRCP will use Risk Explorer to advise Philippine Insurers on the optimal amount of reinsurance to purchase, and to make better decisions on portfolio management", adding, “We consider that this set of tools will give our clients and the entire process far reaching advantages.”
"It is gratifying to see the growing demand for sophisticated analytical tools and we are thrilled to enter into a long term partnership with NRCP.” said Paul Little, CEO of URS. " The Philippine insurance market and related capital market are different from other countries. Models, methods and parameters need to be based on local conditions and those models need to be tested with real figures from the Philippine and from the Asia Pacific insurance and financial industries. URS software can incorporate the results from natural catastrophe models as well as use historical data to help NRCP and insurance companies in the Philippines improve their corporate governance and internal risk management mechanisms" Mr. Little added.
National Reinsurance Corporation of the Philippines provides Life and Non-life Reinsurance capacity primarily to the Philippines and Asia Pacific insurance market. With its capability to take on greater risk, the company provides stability, financial security and protection against catastrophic events to insurance companies.
Ultimate Risk Solutions, LLC is an independent financial risk software developer. Founded in 2001, URS has grown into one of the largest providers of dynamic financial analysis risk models and the leading, independent provider to insurers and reinsurers worldwide, as well as regulatory authorities.
(Manila and New York) August 13th 2015