Improve your data, improve your decisions…
With more than 60 years of experience in providing data to the reinsurance industry, Axco has launched a new tool that aims to offer a whole world of information, just as you want it. Axco’s managing director Mark Trumper and senior product manager Sanyam Garg explain all…
What is Axco Navigator and who is it designed to help?
Sanyam Garg: Axco Navigator is a comprehensive tool that gathers and integrates a wide range of datasets, including insurance market and specific company information, economic indicators and the growing amount of material being produced on natural catastrophes.
It is designed to assist people working in a range of jobs – from strategy analysts to underwriters, business development and marketing teams – by collecting granular data and cleansing, scrutinising and presenting it through interactive dashboards. We believe that consolidating data from multiple sources into a single platform that curates the information according to each type of user within the (re)insurance sector facilitates better decision-making.
Mark Trumper: We designed Axco Navigator to cater to specific user needs within the reinsurance and wider international insurance industry. It offers modular solutions that allow users to access datasets relevant to their roles, whether they are underwriters, strategists, or economists. This targeted approach ensures that users can quickly find the information they need to make informed decisions.
We have launched Axco Navigator at the Monte Carlo Rendez-Vous as, despite this being a tool for the whole international insurance industry, we believe the reinsurance sector will find it to be a really useful resource every day.
What are the key problem areas that Axco Navigator solves?
SG: By consolidating data from various sources, including regulatory websites, economic data and natural catastrophe records, users have access to comprehensive datasets without having to manually gather information from multiple places. Axco Navigator marries external data with insurance-specific data to provide valuable insights.
The tool also offers features such as data visualisation and API integration, making it easier for users to interact with and utilise the data for their specific needs.
MT: Aside from just providing data, Axco Navigator includes market commentaries and expert insights. These commentaries provide context and explanations for the data, helping users understand why certain trends or events have occurred. We believe this feature adds an additional layer of value by offering expert opinions that complement the raw data.
How does Axco Navigator gather datasets – and from where?
SG: Axco Navigator employs a blend of manual and automated methods to collect data from various sources all around the world – including in some hard-to-reach places. This includes everything from manually transcribing data from books to using automated crawlers for online data capture. Our goal is to provide timely and accurate data by using a variety of techniques tailored to different types of information.
An example would be insurance market performance with statistics from more than 180 countries and reinsurance premiums, claims and profitability indicators for the non-life, life and healthcare markets. Basically, our clients’ key lines of business.
How is Navigator different from other tools and products from Axco?
MT: Axco Navigator is an evolution of our earlier products, incorporating new datasets and advanced features such as interactive dashboards. The development process involved extensive customer feedback and interviews to understand user needs better.
We wanted this tool to provide a more holistic view of the market by integrating various types of data and presenting them in an intuitive format. We think we have achieved this and will be working with our clients to refine and constantly update it as we roll Axco Navigator out to the wider market.
To find out more about Axco Navigator contact axco@axcoinfo.com or visit https://www.axcoinfo.com/products/axco-navigator/