Simplitium®, a financial services technology provider and wholly owned subsidiary of Cinnober Financial Technology, has today announced the release of reinsurance capabilities in ModEx®. The implementation expands the scope of ModEx to include the financial structures needed to model reinsurance contracts, offering support for: facultative, quota share, surplus share, per risk excess of loss and catastrophe excess of loss. This enables firms to develop a greater understanding of their risks through more comprehensive analysis.
ModEx is the multi-vendor catastrophe modelling platform for the insurance and reinsurance market, delivered by Simplitium and operated on the Oasis Loss Modelling Framework (LMF). The implementation of reinsurance represents a significant step forward in the evolution of ModEx as it brings highly sought-after functionality to the modelling platform. Open Exposure Data (OED), launched by Simplitium in September 2018, provides the robust exposure import format needed for the Oasis LMF to implement reinsurance. OED is now fully documented and validated in ModEx.
“Reinsurance represented a major gap in the Oasis offering which has now been filled. The implementation of reinsurance in ModEx is a significant milestone as the platform develops and expands its offering,” says Dr. Matthew Jones, Head of Insurance Product Development at Simplitium. “Crucially, this implementation strengthens ModEx’s position in the market as a viable alternative, or complement, to the incumbent modelling platforms.”
ModEx creates an ecosystem in which model vendors can make their models, hazard data and analytics available to the industry via a single platform. The ModEx platform features catastrophe models from 8 different model vendors and a rich set of hazard data products.
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ModEx is the first independent multi-vendor catastrophe risk modelling platform for the (re)insurance industry. Powered by the Oasis LMF, ModEx delivers a hosted and fully managed catastrophe risk modelling service that offers a new and cost-effective way for firms to meet their modelling requirements. The platform creates an ecosystem where model vendors make their models available to the industry via a single user interface, improving the quality and choice of models available in the market. For further information, please visit www.simplitium.com/modex.
Simplitium is a global financial services technology provider, delivering specialist solutions for some of the largest banks, investment firms and insurance companies in the world. Combining deep industry knowledge with technology expertise, Simplitium’s solutions optimise operations, enable transparency and help firms to successfully manage ever-increasing volumes of data. Simplitium has been successfully delivering market-leading transparency services to the financial services industry for over 10 years and adapts to changing market conditions with appropriate technology while always placing emphasis on security and stability. For further information, please visit www.simplitium.com.