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Insurance is a form of risk management primarily
used to hedge against the risk of a contingent loss. Insurance is
defined as the equitable transfer of the risk of a loss, from one
entity to another, in exchange for a premium, and can be thought of as a
guaranteed small loss to prevent a larger
loss.
How to create innovative insurance products to meet
clients' needs is both a science and an art. Credience utilizes a
number of actuaries, mathematicians and statisticians to ensure that
the risk can be reasonably assessed and then accurately priced.
As Solvency II and other regulatory frameworks
become increasingly imposed on insurance firms and indeed other
financial institutions other than banks, the demand for insurance
modeling will continue to grow and become more integrated with other
risk systems. Credience is pioneering innovative software products in
this growing arena.
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