Korean Re Taps Sequel Impact to Manage its Offshore Exposure
- 06.12.2016 06:45 am
Sequel, the leading insurance and reinsurance software specialist, has today announced that Korean Re, the only domestic reinsurer in Korea, has chosen Sequel Impact to help its offshore energy team manage its accumulation risk. The deal marks Sequel’s first APAC client licence for Sequel Impact, Sequel’s innovative risk exposure and aggregation tool.
Sequel Impact will give Korean Re a highly accurate, graphically displayed exposure analysis management tool, underpinned by a powerful analytical engine that quickly calculates PML scenarios. The application can be applied locally or internationally for a full range of risk exposure situations, ranging from individual asset coordinates up to larger geographical zones such as marine oil fields.
Founded in 1963, Korean Re is the only domestic reinsurer in Korea. The company currently holds a dominant position both locally and in Asia. It has ambitions to becoming the one of the top five global reinsurers by 2020 and is currently ranked 11th in the world by S&P.
Rob Stavrou, Sales and Marketing Director of Sequel comments:
“With Sequel Impact, Korean Re will be able to replace its outdated risk exposure tools with a powerful solution that will allow the company to quantify its risk exposure in seconds. In fact, with Sequel Impact, the company can visually overlay historic and hypothetical events such as storm tracks onto designated geographic areas or apply asset proximity assessment for pin-point risk analysis. Innovative features like these make Sequel Impact unlike any other solution available today, as it is effectively re-defining that way in which insurers identify, manage and prepare for risks on a global scale.”
Austin W.S. Jung, Head of Marine Team at Korean Re, said :
“Sequel Impact is a modern and visually attractive tool. Not only will it provide us with faster and more accurate access to data, but it will also create meaningful reports that enable us to understand key risks at a glance. The Sequel team understood our needs from the outset and delivered exactly what they promised, so we are confident that Sequel Impact will deliver significant value for our business.”