​Praedicat

Cohort: Cohort 3, 2019 and Cohort 5, 2020 

Focus in insurance value chain/workflow: Risk mitigation I Point of underwriting I Loss modelling & analytics  

Specific lines of business supported: Corporate 

Founded: 2012 

Status: Operating, still in insurance 

Company type: Data provider, Data models 

Head office: North America 

Main global offices: USA 

Locations served: Global 

Employee count: 11-100 

Praedicat uses scientific research, advanced data analytics and modelling techniques to help (re)insurers better understand and manage emerging risks. The idea was born out of a research and development project between RAND and RMS. Praedicat uses data science and artificial intelligence to build a probabilistic liability catastrophe model and risk products for some of the world’s largest insurers and corporations. 

Primary way aimed to improve insurance processes and tools whilst in the Accelerator: New sources of risk insight - data or models  

In Cohort 3, Praedicat created a new insurance product, "Hundreds," the first casualty product in the Lloyd’s Lab covering risk on a named peril basis. This includes new technologies regarded as “emerging risks" such as 5G or nanotechnology, as well as essential chemicals in manufacturing and agriculture. This product is designed to cover both general liability and D&O around the same liability events, which is a common coverage gap. It provides underwriters with data that allows them to assess their exposures and control aggregation risks. 

During its second stint in the Lab with cohort 5, Praedicat developed a suite of scenarios for the casualty insurance market to help insurers track exposures, establish reserves and manage aggregations for COVID-19 liability. The scenarios are designed to address clash risk from Covid that may impact general liability and D&O lines within an insurer’s portfolio. During this time, it developed a relationship with Experian, which resulted in a collaboration between Experian’s data and risk scoring methodologies and Praedicat’s emerging risk and portfolio modelling capabilities resulting in the creation of a solution for the D&O market.