Analytics are at the heart of everything we do

With increased levels of digitalization, businesses have access to more information than ever before. While this may seem to be a positive, data overload has inundated decision makers and added new levels of complexity. What is most needed is information that is timely, accurate and actionable.

This challenge is particularly acute in the P&C sector as “analytics” have become an industry buzzword and the marketplace has been saturated with vendors, products, and platforms. Simply having a tool or resource, however, does not provide insight or guarantee success. In fact, such tools may actually hamper decision making by focusing on the wrong information or questions. Similarly, boilerplate reports may overlook favorable loss trends that would actually improve market negotiations.

Measure and manage risk
Optimize capital with financially efficient retentions, attachments and limits
Target loss drivers and reduce variable costs
Improve operational efficiency

Our focus remains on meeting the specific information needs of each client. We seek to identify opportunities within data and use our specialized knowledge to guide program improvements and target reductions in the Total Cost of Risk. More importantly, we embed analysts within our brokerage teams to help interpret data, strengthen day to day support and negotiate “peer to peer” with insurer actuaries. Our unique combination of analysts, consultants, brokers and risk control professionals offers decades of specialized experience and can help clients work through the most challenging problems.

Lockton Analytics is unique, and our mission is simple: Better Questions, Better Insights, Better Outcomes

Our approach

The most successful approach to analytics starts with the recognition that users need more than just a report. They need a true advocate to help unlock and interpret data. The Lockton Analytics team can help clean and organize data, summarize key trends and identify unique issues or loss drivers. In partnership with our clients, our analysts ask relevant questions, test assumptions and deliver competitive advantage. The myriad benefits of Lockton analytical solutions can be best described in the context of our three core pillars:

Data expertise

Lockton organizes and simplifies our clients’ data, improves visualization, identifies ongoing trends and provides expert recommendations around how to use available data more efficiently. Simply put, we ensure our clients have the quantitative support and guidance needed to focus on the right areas and drive better decisions.

Problem solving

Lockton provides risk management guidance by identifying opportunities and evaluating potential solutions in the unique context of your business. Our teams ask relevant questions and focus on delivering practical ideas and strategies for reducing costs, minimizing volatility or improving risk / reward tradeoff. They can also help guide resources to where they can have the greatest impact or deliver the greatest return on investment.

Consulting

An organization’s strategic priorities evolve over time in response to competitive conditions and changes in the industry or regulatory environment. Lockton takes time to understand these changes and ensure that the risk management program remains aligned with our clients’ tolerance for risk and volatility. Our approach challenges the status quo and highlights opportunities to re-evaluate prior buying decisions. We can also help identify and quantify new and emerging risks and evaluate the financial efficiency of retentions, attachments and limits. Our consultants help guide informed decision-making through any significant organizational changes and adapt their analysis and recommendations to reflect current and future market conditions.

Measure & manage risk

Retained loss projection and satisfaction
Collateral analysis and negotiation
Catastrophe exposure analysis
Volatility modeling
Financial KPI stress testing
Captive capital adequacy and feasibility studies

Improve program structure

Dynamic capital modeling (DCM)
Retention evaluation and alternative risk design
CAT modeling
Collateral forecasting
Cash flow analysis
Group captive evaluation
Excess layer relativity modeling
Policy structure benchmarking

Reduce variable costs

Lockton 360
Lockton INSIGHT ™
Customized dashboards and scorecards
Claims benchmarking
Predictive analytics
Individual claim development

Deliver operational efficiencies

Allocation consultation
M&A support
Third-party actuarial validation
CAT notification
Managed care cost comparison
White papers, training and thought leadership

Analytics