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CASE STUDY: JBA RISK MANAGEMENT

JBA Risk Management facilitates easy access, evaluation and deployment of their advanced flood models via Simplitium’s ModEx platform.

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JBA is committed to making it easier for (re)insurance firms to access complex data and mitigate flood risk. ModEx is a fully independent, multi-vendor modelling solution and presents JBA with a platform where they can make their models available to the industry. Through its fully hosted, shared service platform, ModEx makes JBA’s models more accessible than ever before.

Providing hosted environments, support and web development expertise is Simplitium’s core business. ModEx allows us as a model provider to concentrate on what we’re good at.

Nikki Chambers, Technical Director at JBA

BUSINESS CHALLENGE

Deploying new risk models requires (re)insurance firms to undergo comprehensive model validations and comparisons. Since most vendor models operate on different platforms, this becomes a lengthy and expensive process. New risk models may also require substantial IT resource due to the size and scale of the servers involved.

As a result, it can be challenging for (re)insurance firms to make a case for deploying JBA’s flood risk models, even though they may provide a much better view of risk. While the Oasis Loss Modelling Framework (LMF) goes a long way to help with this, a sizeable proportion of (re)insurance firms require a hosted solution to bring down cost and free up budget, in order to deploy new catastrophe risk models.

SOLUTION

ModEx is a fully independent multi-vendor modelling solution and presents JBA with a platform where they can make their models available to the industry in an increasingly efficient and cost-effective way. Being able to deliver their complex data via the ModEx platform has the benefit of eliminating potential barriers that customers might have toward changing models or adopting multiple views of risk.

Through its fully hosted and industrial strength shared service platform, ModEx makes JBA’s models more accessible than ever before. The service also manages the client connectivity, onboarding and support, freeing up JBA’s resource so they can focus on what they do best: developing advanced flood models. With ModEx, JBA is able to reach a broader audience while benefitting from greater efficiency and productivity.

We saw ModEx as an exciting opportunity to give clients access to all of our models without the expenditure and infrastructure requirements of multiple model platforms.

Naomi Booth, Business Development Catastrophe Modelling at JBA

VALUE DELIVERED

  • Improved route to market
    JBA aims to supply their clients with the best technical models; and ModEx makes JBA’s models increasingly more accessible. The platform has provided JBA with an alternative route to market, helping to remove potential barriers to adoption. The client communication efforts from Simplitium, whether that be conferences or meetings, has accelerated the process of clients accessing JBA’s models.

  • Efficiency gains
    Working with ModEx makes it both technically and contractually easier for JBA to set up a client model evaluations and progress to a fully-licensed catastrophe modelling environment. A single contract with Simplitium means less legal work and complexity.

  • Competitive advantage
    Simplitium’s and JBA’s working relationship creates efficiencies that allows a more competitive solution to the (re)insurance industry.

  • Improved model validations
    Using ModEx’s model evaluation platform, firms can test JBA’s models prior to purchase and compare the outputs to their existing vendor models. This strengthens the confidence in JBA’s models and improves the model validation process, making it easier for firms to make a business case for new model deployment.

  • Time to market
    Due to the flexibility of the platform and easy access, it takes weeks rather than months to convert a new model to the Oasis format and make it available via ModEx. Once models are on ModEx, it is simply a case of Simplitium granting them access, and a client can immediately start running portfolios against JBA’s models

Simplitium have been easy to work with from the start, so we’ve developed a really great collaborative relationship on the technical model integration and client outreach.

Naomi Booth, Business Development Catastrophe Modelling at JBA

 

/ ABOUT

ABOUT

JBA RISK MANAGEMENT

JBA’s primary focus is on developing sophisticated, high-resolution cat models across the globe. Their UK Flood Model offers a consistent view of flood risk across the entire risk transfer chain as the majority of UK insurers are underwriting using JBA’s maps. Other models include Europe, Thailand, Vietnam and Malaysia.

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MODEX

ModEx is the first independent multi-vendor cat modelling platform, brought to market by Simplitium and powered by the Oasis LMF. ModEx delivers a hosted and fully managed cat modelling service that offers a new and cost-effective way for firms to meet their modelling requirements. 

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SIMPLITIUM

Simplitium is a global financial services technology provider, delivering specialist solutions to some of the world's largest investment firms and (re)insurance companies. Simplitium’s solutions help firms optimise operations, ensure transparency and manage ever-increasing volumes of data. 

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