(Photo credit: NASA.)
American Family Insurance Group (Madison, Wisc.) has selected AIR Worldwide’s (Boston) Touchstone platform to enable the carrier to conduct catastrophe modeling in-house. Touchstone will support American Family’s enterprise risk management practice through the AIR Cloud, which the vendor describes as a secure, feature-rich environment that will enable the carrier to conduct all of its analyses from anywhere while minimizing capital expenditure.
Touchstone provides what AIR characterizes as a comprehensive solution to understanding the risk from a broad range of catastrophe perils, which can help insurers and reinsurers make better informed pricing, underwriting, and risk transfer decisions. AIR reports that it developed Touchstone to give carriers the flexibility to deploy the environment however they choose, whether a traditional on-premises installation or in the cloud.
“Bringing catastrophe modeling in-house is a trend continuing across the industry as companies like American Family increasingly look to perform more sophisticated risk management analyses,” comments Rob Newbold, executive VP, AIR Worldwide. “We’re pleased American Family selected Touchstone and our innovative cloud offering to help bring them to the next level in their catastrophe risk management capabilities.”
American Family has licensed several of AIR’s catastrophe models for the United States, as well as additional analytics and data quality capabilities.
“When it comes to the deployment of AIR software, we believe in choice,” Newbold adds. “Clients that wish to move their catastrophe modeling environment into the cloud to take advantage of the resource efficiencies that environment has to offer have that option with Touchstone. AIR offers companies remote access to Touchstone in a secure environment, while providing the same functionality as an on-premises installation without incurring the costs required to build and maintain a catastrophe modeling environment on-site.”