SYDNEY, May 12, 2017 /PRNewswire/ -- Audeamus Risk, the world's first Business Interruption Insurance trading platform, has been recognised by an independent panel, led by major Australian Bank Westpac, among the top 200 Australian Businesses of Tomorrow.
"We're thrilled with this news - to be part of the top 200 businesses' shaping the future is a great privilege," said Audeamus Risk founder and CEO Aleksandar Kovacevic.
"We're focusing on developing broader and deeper markets, consisting of Insurance, Reinsurance participants and new alternative providers. Receiving this recognition reinforces Audeamus Risk's business model", continues Kovacevic, 25 year international banking veteran and former adviser to the Australian Federal Government and the World Bank.
Security compromises, cyber-related incidents, natural hazards, fraud, product recalls, supply chain disruptions, cause billions of dollars of losses across industry, posing challenges for societal security in general.
While some of these losses are preventable, lack of detailed risk data results in higher premium costs which cause a barrier for organisations seeking comprehensive Business Interruption insurance cover.
Audeamus Risk, a pioneer InsurTech start-up transforming an industry that currently relies on static information into an ecosystem that will utilise real-time, dynamic information from the Business Continuity Management domain for customised insurance policies.
Aleksandar Kovacevic explains: "The industry focus until now has been on mathematical modelling and algorithms. The absence of consistent and reliable data from the risk source can render some of these models inaccurate, including Artificial Intelligence (AI), Machine Learning and Predictive Analytics for resilience purposes. We provide the industry with an important missing element: actual, non-modelled data from the risk source, in a meaningful format that can be used for pricing purposes. For the very first time this data will have a clear audit trail too".
Audeamus Risk is also assessing the quality and consistency of aggregate financial data collected through the platform, and how it can be used in global markets of Insurance Linked Securities (ILS) and similar instruments used for alternative reinsurance purposes.
"Audeamus Risk provides updates similar to a continuous data feed from commonly used wearable devices. However, in Audeamus Risk case we monitor the behaviour and resilience of the organisation expressed in dollar value, it's breaking new ground", adds Kovacevic.
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SOURCE PRN Asia Hong Kong