July 24, 2018, Los Angeles, CA. Praedicat, a science-based risk analytics firm and the principal source of chemical risk information for the insurance industry, has announced the release of its new product, ChemMeta®, which delivers forward-looking science and regulatory risk analytics for the chemical industry.
Praedicat has developed risk models that track the toxicology and environmental health literatures, summarize the state of the literature and anticipate its future direction. The models use natural language processing and machine learning to “read” the literatures. The resulting data are used by leading commercial insurers to underwrite product liability insurance for chemical companies and their business clients. With ChemMeta, Praedicat has now designed software that converts the information into actionable and profitable product stewardship decisions for chemical company clients.
“We are excited by the opportunities to help chemical industry clients to look ahead at where the science may be headed and to make data-driven decisions to make the safest products possible,” said Dr. Robert T. Reville, CEO of Praedicat.
“Leading chemical companies are committed to making decisions based on the science,” said Dr. David Loughran, Senior Vice President for Product at Praedicat, “but with hundreds of products and ingredients, the scale of information coming from science is impossible to track. Praedicat’s machine-scale solution, when coupled with the expertise of the in-house teams, allows the industry to take product stewardship efforts to a whole new level.”
With increasing regulatory and public focus on environmental exposures to chemicals, Praedicat hopes to vastly expand the ability of chemical company product stewardship teams to identify and manage risk. The software is designed to facilitate science-based decision-making for several critical chemical business functions, including horizon scanning, research and development, product formulation and substitution, and regulatory affairs.
“Product stewardship is the art and practice of balancing innovation and risk and the best information on risk is found in the scientific literature,” said Dr. Loughran. “The world’s scientific community is working hard every day to better understand how commercial activities impact human health and wellbeing. The early warning provided by mining scientific literatures at scale allows our clients to make proactive product decisions.”
“Today’s science is tomorrow’s regulatory action,” said Dr. Reville. “It just makes sense to use data and analytics to get ahead and address risks at the earliest time.”
Praedicat helps companies take risks in the face of emerging risks. Praedicat’s science-based data and analytics are used by insurers and corporates to improve risk transfer and product stewardship. Praedicat is based in Los Angeles, California and has offices in New York and London.
To learn more, visit praedicat.com.
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Contact: Yvonne Torres