General Reinsurance Corporation (Gen Re, Stamford, Conn.) has adopted AIR’s (Boston, a Verisk Analytics business) Touchstone platform and complete suite of global catastrophe models. The reinsurer has also licensed the platform’s Hazard Analytics, Geospatial Analytics, and Data Quality Analytics modules.
Gen Re is deploying Touchstone across its global insurance and reinsurance operations, including the Lloyd’s syndicate Faraday, Gen Re Cologne, Gen Re North America, Gen Re Fac, and General Star, according to an AIR statement. Touchstone will be integrated within Gen Re to support a broad range of risk management needs, from General Star’s underwriting of excess and surplus business through Gen Re’s enterprise-wide roll-up and reporting functions.
“We’re using Touchstone to gain insight into our individual treaty portfolios within Gen Re and to better understand the risk to these exposures,” comments Tony Sammur, president and CEO of Gen Re Intermediaries and Gen Re’s chief catastrophe modeler. “We did an extensive review of Touchstone and were impressed with the functionality currently available and AIR’s road map for the future. We’re already taking advantage of this robust platform to help us better understand and evaluate even the most complex exposure to risks for our corporation.”
The vendor reports that later this year it will release v3.0 of the Touchstone platform, originally launched in Jan. 2013. The new release will include comparative analytics that the vendor says will allow companies to compare current portfolio losses with those from previous periods or compare loss results from an updated model with those from the previous release. Touchstone 3.0 will also include access to detailed hazard data by stochastic event to give users even more insight into the drivers of loss. The release will also provide expanded loss modification capabilities to allow companies to develop their own view of risk, according to AIR.