Bermudian-domiciled global consultancy and managed services provider Xceedance has announced the availability of on-demand catastrophe modelling services using the Oasis Loss Modelling Framework.
Xceedance, which incorporated on the island in 2017, said the offering comprises several global and regional catastrophe modelling companies that implement models on the Oasis platform.
The company said it delivers modelling services on-demand to the insurance industry — with no annual licensing requirements from each modeller, no requirement to use proprietary platforms, and with the flexibility to choose peril models from across a community of expert model providers.
Justin Davies, Europe, Middle East and Africa region head at Xceedance, said: “With on-demand catastrophe modelling services, insurance organisations can get comprehensive cat and exposure analytics, delivered to them by an experienced team of Xceedance analysts — all in one reliable package.
“Re/insurers and brokers don’t need to spend time or resources on modelling. They don’t need to invest in infrastructure. And, they can concentrate on writing business and serving their policyholders.”
Oasis LMF is a not-for-profit company founded in 2012. It is collectively owned by close to 40 of the world’s leading insurers, reinsurers, brokers and financial institutions.
The community of model providers on Oasis LMF, in conjunction with the Xceedance catastrophe data-analytics services, make it faster and easier for insurance providers to gain refined and timely visibility into catastrophic risks, the company said, adding that on-demand catastrophe modelling services can also generate substantial savings in the licencing, staffing, and deployment of multiple cat modelling platforms, the company said.
Xceedance also said the offering can streamline exposure management, improve underwriting results, and enhance profitability for re/insurers and brokers.
On-demand catastrophe modelling services will document all assumptions of the model runs. The service will provide analysis reports, including loss metrics, while safeguarding re/insurers’ data.
“On-demand catastrophe modelling services on the Oasis LMF opens up a new world of possibilities for re/insurers and brokers,” said Dickie Whitaker, chief executive of Oasis LMF.
“A service provider with the depth and knowledge of Xceedance adds a cost-effective and practical solution to accessing the expanding number of models available on the Oasis LMF platform.”