(Hurricane Dorian destruction in Bahamas on September 2, 2019. Source: U.S. Coast Guard Clearwater Station.)
Xceedance (Boston/London), a global provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions, has announced the availability of On-Demand Catastrophe Modelling Services, using the Oasis Loss Modelling Framework (Oasis LMF).
The offering comprises several global and regional catastrophe modeling companies that implement models on the Oasis platform, according to a vendor statement. It delivers modeling services on-demand to the insurance industry with no annual licensing requirements from each modeler, no requirement to use proprietary platforms, and with the flexibility to choose peril models from across a community of expert model providers, Xceedance says. Contributing model providers currently include Ambiental, Applied Research Associates, CatRisk, COMBUS, CoreLogic, ERN/RED, Fathom, Impact Forecasting, and JBA Risk Management.
“With On-Demand Catastrophe Modelling Services, insurance organizations can get comprehensive cat and exposure analytics, delivered to them by an experienced team of Xceedance analysts—all in one reliable package,” comments Justin Davies, EMEA region head, Xceedance. “Re/insurers and brokers don’t need to spend time or resources on modeling. They don’t need to invest in infrastructure. And, they can concentrate on writing business and serving their policyholders.”
The community of model providers on Oasis LMF, in conjunction with the Xceedance catastrophe data/analytics services, make it faster and easier for insurance providers to gain refined and timely visibility into catastrophic risks, the vendor asserts. On-Demand Catastrophe Modelling Services can also generate substantial savings in the licensing, staffing, and deployment of multiple cat modeling platforms. Xceedence says that the offering can streamline exposure management, improve underwriting results, and enhance profitability for re/insurers and brokers.
Robust and Dependable Models Combined with Open-Source Flexibility
“By combining robust and dependable global peril models and the open-source flexibility of Oasis LMF, the offering can prepare exposures for analysis from re/insurers’ raw data, and the data can be run for specific perils, countries, and regions, The Xceedance statement says. The company says that it will organize 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 organizations, Xceedence reports. On-Demand Catastrophe Modeling Services will document all assumptions of the model runs. The service will provide analysis reports, including loss metrics, while safeguarding re/insurers’ data.
“On-Demand Catastrophe Modelling Services on the Oasis LMF opens up a new world of possibilities for re/insurers and brokers,” comments Dickie Whitaker, chief executive of Oasis LMF. “A service provider with the depth and knowledge of Xceedance adds a cost-effective and practical solution to accessing the expanding number of models available on the Oasis LMF platform.”