The Cost Analytics and Benchmarking Service initially focuses on Lloyd’s Managing Agencies and Syndicates operating within Lloyd’s and the London Market. The service helps them understand their cost base and identify the best operational approaches and capability to optimise their performance.
Mark Andrews, Insurance Director at Altus, commented: “We are delighted to be working with Cognitive Risk on this initiative for the Lloyd’s and London Market. With the market looking to modernise, operational costs are coming under increased scrutiny. Incorporating Altus’ engineered cost modelling methodology with Cognitive Risk’s market experience, we are looking forward to offering stakeholders the opportunity to transform their business.”
Matt Carter, Founder and CEO of Cognitive Risk, added: “As agents of change focused on the Lloyd’s and London Market, Cognitive Risk exists to bring smart solutions to analogue problems. Our partnership with Altus combines our respective areas of expertise and will help organisations under pressure to transform and gain important insights through this tailored capability model.”
The Cost Benchmarking Service is an in-depth and anonymised cost breakdown offering exclusive insight to the London Market Insurance industry. Cost is broken down across major capability areas, giving a complete and comparable categorisation of costs.