Arch Worldwide Insurance Group has announced that it plans to use Touchstone, the catastrophe risk modelling solution from Verisk’s AIR Worldwide, to help manage its catastrophe risk.
Touchstone is designed to perform advanced analytics that help companies understand their risk, and has recently been updated to include enhancements that allow users to customise the software and access more detailed loss modelling insights.
AIR has built a customised suite of tools that integrate its models into Arch’s infrastructure, which will facilitate deeper analytics and insights and improve the user workflow.
“We’re excited to align with AIR, whose world-class suite of models will provide deeper insight to our organization’s catastrophic risk,” said Nicolas Papadopoulo, Chairman and Chief Executive Officer (CEO) at Arch Worldwide Insurance Group.
“Access to the most up-to-date information is key to making the best-informed decisions, and we view AIR and Verisk as market leaders in data collection and analytics,” he continued. “AIR’s ability to integrate its models to our underwriting system is a testament to the company’s technical expertise and outstanding client service.”
Bill Churney, President at AIR Worldwide, also commented: “We’re thrilled to collaborate with Arch to provide a complete modeling solution to help manage their catastrophe risk.”
“The ability of Touchstone to seamlessly embed catastrophe modeling output directly into Arch’s existing pricing and risk management system proved to be invaluable,” he added. “And it was further proof that our advanced modeling platform is not only powerful but also flexible and customizable.”
