Simplitium's cat risk modelling platform embraces the Oasis ecosystem to bring more choice to (re)insurers
FinTech provider Simplitium, today announces the delivery of their new user interface for ModEx, the multi-peril catastrophe (cat) risk modelling platform operated on the Oasis Loss Modelling Framework (LMF). The new user interface provides firms with a centralised source for their cat model requirements via a single access point (modex.simplitium.com). There is no client-side installation required.
Over the past 20 years, client choice in the cat risk modelling marketplace has been restricted due to the barriers to entry for new model developers. This has resulted in reduced innovation and higher licensing and technology costs. The benefit of cat risk modelling for (re)insurers is therefore often outweighed by the significant capital outlay required when operating advanced models.
As a result, the industry has learned to settle for a limited view of risk, since resource constraints have prevented the deployment of additional models. This has also lowered the incentive for specialist vendors to produce models covering niche territories, markets or perils.
ModEx was launched to overcome these long-standing challenges in the marketplace and provide the industry with more choice.
"We are now seeing increased innovation in the Oasis community and ModEx brings it all together. By delivering the first multi-vendor platform, ModEx provides access to a new range of fully supported models from multiple vendors. In addition, by delivering a shared service, ModEx creates cost efficiencies unmatched by traditional cat modelling platforms," said Jamie Khurshid, CEO of Simplitium.
The shared service is a fully hosted and managed cat modelling solution. This allows firms to reduce costs and optimise resource to free up capital. Firms will be able to re-think their cat risk modelling budget allocation and expand into regions where cat models have traditionally been unavailable and cost prohibitive.
“With the introduction of our new UI, clients will benefit from easy and intuitive access to all their cat risk modelling requirements in one place. ModEx delivers the next generation cat risk modelling solution, helping the (re)insurance industry gain a better understanding of their risk," says James Lay, Commercial Director for ModEx.
The enhanced user interface provides a fully secure individual environment for all executions. By unifying multiple cat modelling vendors on one platform, ModEx delivers significant productivity and efficiency gains to clients and substantially reduces a firm’s training requirements.
For further information, please contact:
+44 (0)20 3735 4981
ModEx (formerly known as Boat Oasis) is the cat risk modelling platform for the (re)insurance industry, delivered by Simplitium and powered by Oasis LMF.
ModEx delivers flexible, scalable and secure cat risk modelling services via a hosted and fully managed environment. The platform provides the (re)insurance industry with a cost-effective and reliable way to meet their cat risk modelling requirements. The ModEx solution caters for the full suite of perils and allows model providers and other (re)insurance systems to meet the individual needs of customers through a robust and secure shared services platform.
The platform is fully independent and transparent, and provides (re)insurance firms with the tools to gain a deeper understanding of their risk by accessing the best models from large and niche model developers from around the world. For further information, please visit www.simplitium.com/modex.
By listening and responding to the market, Simplitium (formerly known as Boat Services) 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 that cover the entire transaction chain. For further information, please visit www.simplitium.com.
Oasis is a global not-for-profit company limited by guarantee and owned by its 40 members who come from within the insurance and reinsurance community. Its mission is to create and foster links throughout the wide community of those interested in modelling catastrophic risk across business, academia, and government. For more information, please visit www.oasislmf.org.
Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers. Cinnober’s solutions are largely based on the TRADExpress™ Platform, incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and surveillance.
Cinnober’s customers include the Australian Securities Exchange, B3, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, the London Metal Exchange, LME Clear, NYSE and the Stock Exchange of Thailand.
Using its extensive experience in financial technology, Cinnober has broadened its reach through the establishment of highly specialised and competitive subsidiaries. Today, three such subsidiaries exist within trade reporting and transparency, post-trade and client clearing and trade surveillance and analytics.
For additional information, please visit www.cinnober.com.