Insurance and reinsurance industry players that utilise Fractal Industries, Inc.’s Fractal Advanced Insurance Decision Platform (Fractal AIDP) will now be able to both access and operate open source catastrophe modelling tool, Oasis Loss Modelling Framework (Oasis LMF).
Fractal Industries is a provider of intelligent decision platforms and has been selected by the catastrophe risk modelling consortium to host catastrophe models for the use of insurers, reinsurers, brokers, and financial institutions.
Market participants that leverage Fractal AIDP will now be able to improve their catastrophe risk modelling and exposure management with access to Oasis LMF.
Described as a cloud-based decision-support system, Fractal AIDP is designed to help re/insurers and insurance-linked securities (ILS) players to profitably understand, model, manage and transfer risk. The system provides users with real-time aggregation tools, data enrichment, distributed stochastic simulations and also capital analysis.
Importantly, Fractal AIDP can integrate vendor models, which now includes Oasis LMF, Fractal models, and also client models within the underwriting process, ultimately supporting a more comprehensive and valuable view of risk.
Fractal Industries’ Chief Executive Officer (CEO), Jason Crabtree, said: “Fractal’s AIDP delivers unparalleled capability for understanding complex systems and assets driving risk in today’s most important emerging areas of risk quantification, management and transfer.
“Adding support for the Oasis LMF models further demonstrates Fractal’s commitment to leadership in advanced analytics and modeling for the Insurance industry.”
Dickie Whitaker, CEO, Oasis LMF, added: “Fractal AIDP adds to the choice for exposure managers and modelers wanting to use the Oasis framework to leverage the latest analytics technology and data sources on an enterprise-class SaaS platform.
“Working with leading technology providers like Fractal is a critical step towards improving the way the world models, plans for and recovers from natural catastrophes.”