22nd May 2022
Praedicat, the liability emerging risk analytics company, has announced it has contracted with Sentry Insurance to assist the mutual insurer in better understanding and managing its casualty exposure.
Praedicat’s predictive analytics help the company focus on its long-tail casualty exposures within General Liability (GL), which have been a challenge for insurers to get out in front of. The team also will explore its applicability to Workers’ Compensation(WC), in particular for risks that create GL/WC clash. This will assist Sentry in maintaining its strong financial position, proactively manage emerging risks, and ultimately educate clients on exposures to support overall client success.
The US insurer is using the full range of Praedicat’s tools, including at the point of underwriting. Sentry will use Praedicat’s analytics to support its aggregation management, portfolio strategy, and the development of underwriting guidance. This solution can help identify and quantify potential risks that were previously not anticipated if relying only on historical claims information for pricing and underwriting.
“We are delighted to work with Sentry and to help it manage casualty exposures,” said Robert Reville,ceo of Praedicat. “We have been impressed with Sentry’s commitment to innovation to better understand and focus on casualty aggregation.”
Jessica Schuler, svp Client Development & Strategy for Praedicat, added “This has been an incredible collaboration. For us, this is the start of a journey working with regional and national insurers to understand the latent liability risk in their books. Sentry is innovative and forward-thinking, and has been quick to adopt and integrate our analytics across the organisation.”
Dan Zastava, Sentry’s Director of Corporate UW & Products, added: “With the increase in active litigation involving risks such as PFAS, and the rise of social inflation, it is essential that we remain ahead of the curve to protect our member companies and offer accessible insurance at risk-appropriate prices. Praedicat’s analytics are one strategy to help us take our casualty underwriting to the next level.”
Sentry has licensed Praedicat’s products which include emerging risk insights on hundreds of perils to stay ahead of emerging risks based on the latest scientific evidence, over 100,000 individual company profiles and all industry profiles including Praedicat’s new company risk score, the litigation tracker to manage risks in active litigation (e.g. PFAS, arsenic, paraquat, climate, etc.) and the use of Praedicat’s probabilistic loss model and realistic disaster scenarios for general liability.
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