Ultimate Risk Solutions (URS), developer of financial risk modeling software, is entering Asia Pacific markets as the Company marks its tenth anniversary, Alex Bushel, Founder and Chief Executive Officer announced.
The Company has established bases in Hong Kong for North Asia and Bangkok for Southeast Asia. David Piesse has been named Managing Director Asia Pacific and Chris Venvell has been named Business Development Director Asia Pacific. Together they will serve as the Company's business development team in the region.
URS was one of the first to create sophisticated dynamic financial analysis (DFA) software for business decision making when the company was formed in 2001. Risk ExplorerTM, the URS software, is used by leading insurance and reinsurance companies, brokers, consultants, and governmental agencies in the United States, Europe, the United Kingdom, and Latin America.
"Asian insurers today require industrial strength, high technology models for portfolio management; capital estimation and allocation; evaluation of ceded reinsurance; cash flow analysis; and a variety of other uses including Enterprise Risk Management and Solvency II compliance for those doing business in the European Union beginning in January 2013. Our URS team will work with Asian multinationals and domestics in the backdrop of their own cultures and macro-economic landscape to meet their needs for leading edge analytical tools," Bushel said.
Piesse worked in all the Asia Pacific markets for a period of 25 years, especially India and China. He served as Global Head of Insurance for Sun Microsystems where he oversaw the insurance/reinsurance strategy of the Company and created microinsurance, bancAssurance, and Islamic Takaful programs. In 2009, he became Chairman of Unirisx in Asia Pacific for Unirisx LLC where he introduced new insurance distribution channels across the region. In his capacity as URS Managing Director, Piesse will serve as Chairman of the 5th Annual Conference on Microinsurance in Jakarta, Indonesia, July 11-12, discussing emerging market risks in a DFA environment.
Chris Venvell is a veteran of 30 years in the insurance industry including 20 years providing business development and management expertise in the insurance technology market. Venvell has been involved in several technology startups, including VenTech, which provided environmental risk analysis software to the U.K. insurance industry. As Managing Director and Founder of VenTech, he managed all sales and product development and oversaw the sale of the Company to Equifax four years later. He has served with a wide range of major insurers and technology providers in the U.S. and U.K. For the last six years he has worked in Southeast Asia.