Bermudian-based Blue Island Technology has launched Blue Lightning, a powerful and flexible cat risk analytics and roll-up engine.

BIT said that Blue Lightning combines a rich software framework, powerful deployment options and intuitive visualisation to create novel and bespoke solutions for the risk industry.

The technology company said that the engine is designed to run alongside a customer’s existing portfolio management system to provide a fast and responsive analytics and roll-up solution.

With the ability to scale up and out, coupled with intelligent caching, Blue Lightning makes the vision of continuous roll-up a reality, the company said.

Sam Thomsen, chief executive officer of BIT, said: “We started BIT to provide technology and engineering services to the insurance and reinsurance community.

“Blue Lightning targets medium to large portfolios of catastrophic risks. Our system takes very large data sets, quickly rolls them up and caches the intermediate and final results.

“Decision-makers can now have a continually fresh view of losses even across thousands of insurance treaties or contracts.”

BIT said that some of the key benefits of Blue Lightning include continuous portfolio roll-up using high-performance computing, cryptographic caching, control and monitoring of the roll-up process, easy integration with existing front ends and reporting systems and flexible deployment options including public cloud, on-premises or hosted (on-island).

The company said that the Blue Lightning framework includes a rich assortment of components including customer-defined layers using the company’s simple Layer Processing Language, loss transformations, aggregations and connectors.

All elements are cryptographically hashed and cached with data stored in efficient compressed binaries to ensure fast columnar calculations and storage.

The service can run on any platform including Linux, Windows or MacOS.

It can be deployed on any public cloud platform including Amazon (EKS), Azure (AKS) or Google (GKE).

BIT said that it is a technology company providing high-quality, high-performance technology products and services.

With decades of experience across multiple industries, BIT said it is well-positioned to provide powerful and effective solutions to its customers in the reinsurance, insurance and finance industries.