Delivering greater transparency and enabling more robust import of exposure data to Oasis based platforms
Simplitium®, a global financial services technology provider and wholly owned subsidiary of Cinnober Financial Technology, have today announced the launch of Open Exposure Data (OEDTM), a new exposure data format for catastrophe risk modelling.
Developed in collaboration with the insurance industry, OED delivers a robust and documented exposure framework for Oasis-based platforms and models. The format is fully independent and model-vendor agnostic. Having an independent exposure data repository is a recommended strategy for (re)insurers to avoid being tied-in to any one catastrophe model vendor. This should make it easier for firms to switch between or add new models from different vendors, ultimately improving their view of risk.
“Simplitium have laid one of the foundation pieces for the next era of catastrophe modelling. If the industry can banish interoperability woes, we all stand to benefit,” says Marek Shafer, Chief Digital Officer at Canopius. “At Canopius we see this development as an opportunity to further enrich and differentiate our view of catastrophe risk.”
“The emergence of platforms and models built on the Oasis framework signalled the need for an open exposure data format which can be used by multiple vendors,” says Dr Matthew Jones, Head of Insurance Product Development at Simplitium. “Proprietary data formats have long acted as barriers to changing or adding models due to the complexities around data conversion and the extent to which they are embedded within a company’s processes. OED is a significant step away from model-vendor specific formats and towards the standardisation that would significantly benefit the industry.”
OED, which is designed in conjunction with an industry working group, led by Simplitium’s Lead Insurance Product Developer, Aiste Kalinauskaite, is based on AIR’s CEDE code-set and comprises four input files (account, location, reinsurance_info and reinsurance_scope) and 20+ back-end relational tables. The open-source schema went live on the 28th of September and is available on GitHub.
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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.
By listening and responding to the market, Simplitium transforms complex challenges into flexible, scalable and secure solutions. Simplitium’s services help firms achieve greater efficiency and transparency in their daily operations, from regulatory compliance and cost management to catastrophe risk management. As a subsidiary of Cinnober, one of the world’s leading clearing and trading technology providers, Simplitium has the stability and structure to ensure secure and reliable delivery of world class services. For further information, please visit www.simplitium.com.