RPC Consulting completes landmark modelling work for Hiscox
Use of Tyche brings all of Hiscox's capital modelling onto a single platform
RPC Consulting, the actuarial and insurance management consulting arm of professional services firm RPC, and Hiscox, the leading specialist insurer, have just announced that approval has been received from Lloyd’s for its new capital model, developed in RPC Consulting’s proprietary software, Tyche.
This is a key milestone in the project for Hiscox and RPC Consulting, which has been working over the past year to implement Tyche. This will consolidate Hiscox’s capital modelling onto one platform.
Craig Martindale, Group Head of Capital Management at Hiscox, said: “We have made rapid progress in building and testing our new integrated capital model over the past year. The speed ups we’ve seen running RPC Consulting’s Tyche platform will undoubtedly help us analyse and respond to an ever wider array of business scenarios.
"The joint team from Hiscox and RPC Consulting have formed a close and effective partnership throughout the project. In the months leading up to our major model change application, the model was subject to independent validation and there was also strong engagement between the Hiscox and Lloyd’s teams. I am delighted that all our hard work has resulted in this outcome. I look forward to completing the remaining part of the project to roll out consistent, timely capital analysis using the new model across the Group.”
Aki Hussain, Group CFO at Hiscox, added: “This is a tremendous achievement for everyone involved and I am very much aware of the hours, commitment and creativity that have gone into reaching this milestone. It has been an incredible team effort involving both Hiscox and RPC. Importantly, it has also been delivered within budget.”
RPC Consulting said: "Our team has worked hard with the team at Hiscox to deliver this great result. This demonstrates the value that RPC Consulting can bring to clients – in this case helping Hiscox continue to innovate and transform its business. It also firmly places us on the map as a pioneering firm and a true alternative to the existing services on offer."Hiscox is the first major player in the insurance market to use Tyche, with a number of other clients in the pipeline.