US commercial lines software specialist SRC has opened a UK operation to target property and casualty (P&C) insurers in both the composite and Lloyd's markets.
The company specialises in offering budgeting, forecasting and reporting solutions designed for the property and casualty market.
Director of insurance solutions Steve Ramirez said: "We have decided to choose the P&C sector because it is extremely complex. Our system offers 'what-if' scenario planning and allows the organisation from the finance director down to the underwriter to analyse staffing levels, production, premium and loss planning."
Ramirez said that with the cycle softening insurers needed to be aware of the changes in rates from competitors.
"If a competitor drops its rates by 5%, then the insurer has to rethink its strategic plans. It finds itself less competitive so it has to reassess its renewal ratio because its competitor may take its business.
"Then its loss ratio will change, which will impact its claims. These are all the scenarios our system can offer answers to instantaneously."
The company plans a major marketing drive in June.
It already works with the UK divisions of AM Best and ISO UK. SRC's turnover last year was $45m.
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