Praedicat, Inc., the leading-edge liability risk analytics software company, has been named as one of the leading 100 companies in the InsurTech space for the third year in a row by specialist research firm FinTech Global.
Finalists for the Insurtech 100 list were chosen by a panel of analysts and industry experts from a list of more than 1,200 companies, which were recognized for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the insurance value chain. A full list of the InsurTech100 can be found at www.TheInsurTech100.com.
During 2020, Praedicat made a series of noteworthy advancements in its product offering. In early 2020, Praedicat released enhancements to its casualty catastrophe model available in Oortfolio®. This model enhancement is the first-ever comprehensive probabilistic model reflecting the dynamics of defense and indemnity in mass tort litigation.
Once the coronavirus pandemic began, Praedicat turned its focus to helping their clients navigate an uncharted landscape. In June, Praedicat launched a ground-breaking litigation tracker that monitors U.S. courts for casualty-relevant COVID-19 litigation, complaint by complaint. The tracker enables users to stay up-to-date and respond to this fast-moving litigation event. Throughout the second half of the year Praedicat developed a series of exposure models and realistic litigation scenarios for evaluating the impact of the pandemic on casualty lines of business. Praedicat was also chosen to participate in the Lloyd’s Lab Cohort 5, with demo day occurring in mid-November.
Jessica Schuler, Vice-President, Strategic Initiatives, Praedicat, said, “This year was unlike any other, and our rapid response was fueled by the desire to continue to support our clients and industry with important tools that make an impact. We think 2021 will be even bigger for us as we expand our service lines and develop new reinsurance products to help the market. Our immediate focus will be on cross-line clash and social inflation solutions.”
Continuing the momentum of 2020, Praedicat will be announcing further products and initiatives to enhance its offering to clients. The litigation tracker will expand to cover additional selected hazards such as PFAS, and the company will continue to add to its robust library of scenarios, including GL/D&O clash scenarios, due to be released toward the end of 2020. Also, a new model release that models the effects of social inflation will be brought to market in the first quarter of 2021.