Guy Carpenter’s Neil Mayer and Dan Becker on how advancements in technology can produce better client outcome
How does Guy Carpenter differentiate its capabilities in the crowded landscape of technology and analytics?
Dan Becker: Our philosophy is that technologies are only as powerful as the decisions they enable. New models or platforms have limited intrinsic value until experts apply them to solve specific client problems.
Guy Carpenter’s client base is incredibly diverse, which gives us a valuable perspective on the global (re)insurance market. We think it’s important to make technology investments that help us harness this perspective, in addition to people investments to extract insight and deliver advice for the benefit of our clients.
Our Global Analytics & Advisory Practice helps companies develop their own view of risk, by pairing cutting-edge tools with deep subject matter experts that help guide clients.
Leveraging Guy Carpenter’s advanced tools, clients can drive better outcomes in risk quantification, capital management and profitable growth opportunities. We empower clients to make strategic, informed decisions with confidence.
How does Guy Carpenter work with clients to improve their experience and respond to their changing needs?
Neil Mayer: Our scale as a global leader has allowed us to invest in proprietary tools to deliver a more seamless client experience.
An example of this would be our contract analysis generative AI tool, developed to provide clients with reinsurance coverage benchmarks, dynamic contract clause analytics and ad hoc query analysis. Another would be our client portal housing a range of client-specific data, documents and interactive functionality.
We have also invested heavily in our integrated data strategy and platform, empowering colleagues to access connected information that enables our teams to more rapidly and intelligently serve client needs.
Finally, Guy Carpenter has the distinct benefit of collaborating with the other Marsh McLennan businesses to bring holistic insights and expertise to clients, helping address complex business and strategic issues across the risk landscape.
How is Guy Carpenter helping companies manage an evolving landscape of catastrophe risk?
DB: The growing prominence of “earnings perils” – such as flood, wildfires and severe storms – is prompting strong interest in developing new approaches to managing their impact on company performance. The challenge is significant. It requires refreshed approaches to risk quantification, underwriting, pricing, portfolio management and capital allocation.
We launched GC Cat Studio to bring together all the tools and disciplines required to help companies tackle this challenge. We cover modelling and risk assessment, pricing and risk selection, portfolio optimisation, risk transfer and event response. Through this close integration, we help companies build a practical and integrated strategy that closely aligns to their strategic objectives.
The need for digital innovation has never been greater. What does Guy Carpenter’s digital roadmap look like?
NM: Our focus on a digital agenda is not new; we have invested significantly for years to deliver enhanced value to our clients, colleagues and reinsurer partners.
Our roadmap centres on developing integrated tools that empower our clients with deeper and real-time insights, automate low-level work and deliver a more seamless process across the reinsurance value chain. The result is a more responsive, datadriven partnership with our clients and reinsurers, allowing our teams to identify trends, assess risks and execute transactions more efficiently than traditional methods have allowed.
We have launched several initiatives to facilitate the rapid and accurate transfer of data, and to collaborate with our clients on both the ingestion and straight-through processing of claims, resulting in dramatically improved turnaround times.
Finally, we are exploring how GenAI can help transform our business across broking, analytics, and reinsurance accounting and claims, with many projects already under way. This digital transformation is fundamental to the success of the industry in an increasingly dynamic risk environment.