On-demand catastrophe modelling services seeks to provide better risk management

Insurance consultancy and InsurTech Xceedance has introduced on-demand catastrophe modelling services using the Oasis loss modelling framework (Oasis LMF), which comprises several global and regional catastrophe modelling companies that implement models on the open source Oasis platform.

The new offering delivers modelling services on-demand to the insurance industry with no annual licensing requirements from each modeller, as well as no requirement to use proprietary platforms, and with the flexibility to choose peril models from across a community of expert model providers.

It is said to generate substantial savings in the licencing, staffing and deployment of multiple cat modelling platforms as it seeks to streamline exposure management, improve underwriting results and enhance profitability for (re)insurers and brokers. Model providers currently include Ambiental, Applied Research Associates, CatRisk, COMBUS, CoreLogic, ERN/RED, Fathom, Impact Forecasting and JBA Risk Management.  

Commenting on the offering, Xceedance, EMEA region head Justin Davies said, “With on-demand catastrophe modelling services, insurance organisations can get comprehensive cat and exposure analytics delivered to them by Xceedance analysts. (Re)insurers and brokers don’t need to spend time or resources on modelling. They don’t need to invest in infrastructure. And, they can concentrate on writing business and serving their policyholders.”

By combining global peril models and the open-source flexibility of Oasis LMF, the offering can prepare exposures for analysis from the raw data of (re)insurers and the data can be run for specific perils, countries and regions. Xceedance will organise the data in an industry-standard format, geocode it and validate its accuracy. Additionally, policy terms and conditions for limits, sublimits and deductibles can be added for exposures in consultation with insurance organisations. The offering will document all assumptions of the model runs and then provide analysis reports, including loss metrics while safeguarding (re)insurers’ data.

Source: Asia Insurance Review