How Lloyd’s of London uses R for Insurance
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Lloyd's is the world's leading specialist insurance market, and is often the first to insure new, unusual or complex risks. So it's no surprise that Lloyd's is one of the many companies that use R and its advanced capabilities for data analysis to help manage its insurance risks. At the useR! conference last month, Lloyd's analysts Markus Gesmann, Viren Patel and Gao Yu presented a poster “Using R in Insurance: Examples from Lloyds” showing how the insurance giant makes extensive use of R. After the jump you'll find examples from the poster of how Lloyd's uses R for performance management, exposure analysis, Monte-Carlo simulation, data visualization, reporting, and much more.
Performance management
Lloyd's syndicates are compared to the market and against their individual business plans.
Bespoke reporting
A combination of R and LaTeX is used to generate bespoke analytical reports for more than 80 syndicates.
Exposure analysis and reinsurance
Lloyd's uses R to manage its exposure by analyzing reinsurance and catastrophic risk.
Lloyds also uses R to generate KML files, allowing analysts to visualize the exposure of geographic regions to disasters like hurricanes and earthquakes using Google Earth.
Interactive Data Visualization
Online analysis tools for the Statistics Relating to Lloyd's service were created using R and the googleVis package.
A general statistical toolset
Lloyd's also uses R as a general-purpose data analysis and visualization tool, as for example in this Monte Carlo simulation of loss distributions.
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