In our fast-paced world, the risks evolve quickly. We need to make sure we manage risks so that we can minimize their threats and maximize their revenue potential. As an industry evolves, it creates actionable data which can be used to assess risks.
Data can be analyzed to read the underlying stories of risks that are otherwise difficult to interpret.
Data science thus joins the dots and provides us with insights into risk management. Companies continue to look at the tail/extreme risk to understand potential events that can impact the balance sheet and solvency of the company.
Catastrophes (e.g. earthquakes/cyclones) pose such threats due to the extent of the damage they can cause and the impact they can have on the company's balance sheets and our lives.
To assess the impact of these events, interdisciplinary expertise such as seismology, geology, climate studies, structural engineering, statistics, GIS, and software are required.
The risk management framework requires data, statistical models to develop estimations, and real-time analytics embedded in the decision-making.
One of the biggest challenges in assessing catastrophic risks is the lack of historical data and the uncertainty associated with its intensity, location, and extent.
To work independently on this concept, an organization was set up whose impeccable core offerings speak for themselves. When the decision was made to start an organization in this sector, the founders went the traditional route and invested their own money to start the venture.
They focused on the core business working closely with the client and resisting the temptation to become a "Do it all" company.
Incepted in 2014, Advanced RiskAnalytics Private Limited (ARAPL) is now a leader in developing solutions based on data analytics solutions and consultation in catastrophe risk management.
These product offerings are backed by A-class innovative technologies to generate high-quality data and estimate loss outcomes for its clients.
The solutions provided by ARAPL, identify property risks and estimate risk losses for the insurance sector. ARAPL's solutions provide real-time loss estimates of property insurance arising from global catastrophic events like earthquakes, hurricanes/cyclones, and floods.
In the first year of its inception, the company worked closely with the client and managed to release multiple versions of the product. The use of advanced concepts in data visualization (maps, charts, pivots, and grids) quickly allowed underwriters and risk managers to understand the potential loss drivers.
Insurance companies therefore now can visualize all the data on a single page and charge accurate premiums to their clients. When catastrophe strikes, responding to real-time events is critical.
Traditionally this process takes around 2 to 3 days but with ARAPL's application, companies have managed to understand the loss extent of the catastrophe within an hour.
ARAPL has developed analytics solutions using high-performance computing (HPC) where data augmentation is carried out using image processing, machine learning, and 3rd party data sources. The vast amount of data can be hence analyzed using ARAPL's modeling architecture inclusive of uncertainty.
Traditionally BFSI markets are extremely concerned about moving their application to Cloud or similar services due to data security issues.
ARAPL has developed an on-premise solution that implements Microsoft's high-performance computing (HPC) and can use Azure cloud-burst technology for computation only when the demand for computing capacity spikes.
Currently, ARAPL's team is developing risk and data management platforms for the BFSI industry and offers high-security measures to the data flow.
In addition to North American markets, ARAPL is already expanding in the European and Indian markets with all its offerings and is pushing the limits to innovate in the field of data sciences and risk management.
Mr. Ashish expressed his view on the present market competition, "We are extremely niche and lean in nature. The risk assessment framework differs from company to company.
Hence the products developed are highly customizable to suit a client's risk management practices and workflow. This has helped us to explore our options in not only the P&C insurance industry but also other industries such as Banking and Financial sector.
Culturally speaking, I believe in hiring individuals who are much smarter in their domain and can guide us thru' innovation. Employees are set free to paint the work canvas the way they like, quickly implementing the ideas to see if they would work.
Our team's commitment to excel in rendering world-class customer services makes us stand apart amongst the competitors."
According to ARAPLIANS, "Working with cutting-edge technologies and creating products which can change the way risk is managed is at the core of ARAPL. The more the freedom given to employees, the more productive they get which in turn helps the company to grow faster."
A seasoned persona holding boundless experience in managing and developing complex solutions for the insurance industry, Mr. Ashish held various executive positions at Berkshire Hathaway Specialty Insurance (BHSI), ACE Group, and AIR Worldwide in the USA.
As a leader, he believes that short-term goals kill innovations and instead one should build the company to be a forever company with a strong focus on innovation. Mr. Ashish has pursued BS and MS in Mechanical Engineering and is a Certified Property and Casualty Underwriter (CPCU).
Invest in yourself with a focus on learning
Have measurable goals
Stay focused on your path and believe in yourself
Evaluate and correct yourself
"Innovation and Excellence is key to Success. This is the simple philosophy of ARAPL. We wisery employee to be successful so we can keep on creating innovative solutions and help save the resources across the world."- Mr. Ashish Belambe
