Location risk firm Gamma plots €5.7m in UK revenues

Irish firm Gamma is aiming to become the leading provider of location risk solutions to the UK insurance market and is mapping its global expansion.

Specialising in providing location risk assessment technology to property and casualty insurance companies, Gamma predicts it will generate €5.7m in revenues from the UK market by 2025.

This follows a deal the location risk solution provider has signed with MGAM,  to deploy its Perilfinder software.

“The insurance sector faces many challenges including how to access the right data at the right time to allow underwriters to make informed decisions quickly”

The deal ties in with the company′s aim to become a leading provider of location risk solutions in the UK insurance market and builds on its presence therein, underpinned by partnerships with suppliers such as JBA Risk, Ambiental Risk Management, BGS, Metswift, Terrafirma and Ordnance Survey.

Mapping a global path

Having opened an office in Manchester in 2020, Gamma is also planning to add to its team over the coming years and roll out its Perilfinder offering to companies across Europe, the Middle East and Africa.

“The insurance sector faces many challenges including how to access the right data at the right time to allow underwriters to make informed decisions quickly,” said Richard Garry, chief commercial officer at Gamma.

“That is precisely what Perilfinder delivers for MGAM – an insightful, customised platform which provides high-quality data. In turn, this allows the company to enhance its service offering for clients and drive business growth.”

Gamma’s enterprise-grade platform is currently being used by three of Europe’s top five Property & Casualty (P&C) insurers, delivers more accurate coverage of Britain and Ireland for MGAM and its partners. With high-quality data and map visualisation, more accurate address-level risk assessment is supported across the areas of flood, subsidence and crime.

“Gamma has provided us not just with an innovative software solution which enables us to rate our products and calculate premiums more accurately with more precise data, but has added significant value to the business,” said Jason Anthony, CEO of MGAM.

“Their approach has been refreshing and their level of service is second-to-none. The team understood exactly what we wanted and tailored their already impressive solution to meet our specific and long-term needs. That is game-changing – in fact, it is industry-changing.”

Main image at top: Richard Garry, chief commercial officer at Gamma 

By John Kennedy (john.kennedy3@boi.com)

Published: 29 April 2021

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