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.