Gracechurch is very proud to announce that our Data Analytics Director, Alastair Bell, was on the team that won the ‘Most Innovative Solution’ to the Lloyd’s Datathon challenge last month, one of four prizes awarded on the day. The event took place at the CodeNode building in South Place and comprised of twelve teams in total, representing a mix of insurance professionals from a diverse set of backgrounds.
The teams were required to make use of Lloyd’s financial results that had been combined with various external data, but mainly those concerning natural catastrophes, and each had to solve one of three objectives. Alastair’s team was tasked to roleplay an insurance start-up and to use the data to inform what lines the business should be prioritised.
The data analysis ended with the teams presenting their findings to the crowd in front of the judging panel. A ‘common’ answer was to target the most profitable lines with greater efficiency. Instead, Alastair’s team opted to go for a less profitable line and see if they could combine efficiency and improved service along with longer term solutions to the challenges. In particular, the team looked at coverage of areas prone to disaster and proposed a solution that involved risk detection and prevention. They designed a business model based on long term policies that provided rate reductions for effective risk mitigation.
The answer to the challenge was an “everyone wins” scenario. The team was able to ensure that the business would make a profit as well as help the London Market and insurance industry more broadly. Most importantly, the solution would help those who live in catastrophe risk areas to have a better quality of life by leaving them less exposed to recurrent damages.
In Alastair’s own words: “Helen Crooks and the whole team had clearly put a lot of effort into the organisation. There was extremely high quality MC-ing and useful talks on the objectives and other data-focused discussions. My team were a lot of fun and we got the benefit of having a diverse set of viewpoints which made it all really interesting. Our approach fortunately had merits and we were very pleased to win the 'Most Innovative Solution' category.”