(Image credit: imagii.)
Fractal Industries, a Reston, Va.-based intelligent decision platform provider, has announced that it will add support for the open source catastrophe modeling tool known as Oasis Loss Modelling Framework (Oasis LMF) to the Fractal Advanced Insurance Decision Platform (AIDP). Insurers, reinsurers, brokers and financial institutions using the Fractal AIDP will be able to access and operate select Oasis LMF catastrophe models to improve exposure management and catastrophe risk modeling.
The vendor describes Fractal AIDP as a cloud-based decision-support system designed to help (re)insurers, and ILS market participants profitably understand, model, manage and transfer risk. It also provides real-time aggregation tools, data enrichment, distributed stochastic simulations and capital analysis. AIDP supports insurance, reinsurance or retrocession views of risk and can integrate vendor models (now including Oasis LMF), Fractal models, and client models within the underwriting process, the vendor says.
“Fractal AIDP adds to the choice for exposure managers and modelers wanting to use the Oasis framework to leverage the latest analytics technology and data sources on an enterprise-class SaaS platform,” comments Dickie Whitaker, CEO, Oasis LMF. “Working with leading technology providers like Fractal is a critical step towards improving the way the world models, plans for and recovers from natural catastrophes.”
Understanding Complex Systems
“Fractal’s AIDP delivers unparalleled capability for understanding complex systems and assets driving risk in today’s most important emerging areas of risk quantification, management and transfer,” comments Jason Crabtree, CEO, Fractal Industries. “Adding support for the Oasis LMF models further demonstrates Fractal’s commitment to leadership in advanced analytics and modeling for the Insurance industry.”