Xceedance unveils its cost effective cat modelling platform

Xceedance, the managed services and technology company, has teamed up with Oasis Loss Modelling Framework (Oasis LMF) to provide on-demand catastrophe modelling.

The service can partner with country and regional companies that run their catastrophe models on the Oasis platform. This enables it to deliver modelling services on-demand without annual licensing requirements from each modeller and no requirement to use proprietary platforms. It gives insurers the flexibility to choose different peril models for different circumstances, driving competition among providers specialising in different risk.

Justin Davies, EMEA region head at Xceedance, said: “Cat models are very expensive, especially at the point of implementation.” The new modelling platform would generate substantial savings for clients, freeing them from costs around licencing, staffing, and deploying multiple cat modelling platforms, he promised.

“Moreover, the offering can streamline exposure management, improve underwriting results, and enhance profitability for re/insurers and brokers,” he said.

The platform will free them up to invest more in infrastructure, and concentrate on writing business and serving their policyholders, Davies added.

By combining a range of global peril models, with 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.

Xceedance will organise data in an industry-standard format, geocode it, and validate its accuracy. Policy terms and conditions for limits, sublimits, and deductibles can be added for exposures in consultation with insurance organisations. On-Demand Catastrophe Modelling Services will document all assumptions of the model runs and provide analysis reports, including loss metrics, while safeguarding re/insurers’ data.

Davies said: “A lot of companies are probably going to want to maintain a relationship with one of the leading cat modelling companies, but they are increasingly reluctant to buy models from all of them, so this is a cost effective way to give them that second perspective.”

Model providers currently include Ambiental, Applied Research Associates, CatRisk, COMBUS, CoreLogic, ERN/RED, Fathom, Impact Forecasting, and JBA Risk Management.