The Oasis Loss Modelling Framework (Oasis LMF) announced the official launch of global collaborative risk modelling effort, The Wave at its London conference held earlier this week.
The Wave is an international project that was created in response to an increase of support for open source, cost-effective technology, which, Oasis LMF says is designed to create more openness, interoperability, while reducing the costs of risk modelling and data.
Oasis LMF states that the list of supporters and participants in The Wave is growing, and currently includes Fractal Industries, Xceedance, Concirrus, JBA Risk Management, Applied Research Associates, Inc., Impact Forecasting, Simplitium, and SpatialKey.
Offering some insight into The Wave, Dickie Whitaker, Chief Executive Officer (CEO) of Oasis, explained: “The Wave is a global collaboration that will see an Oasis install providing access to all participating risk models for a single annualised price. Hosting is highly flexible – it can be on local servers, cloud, or shoring partners like, Simplitium, Fractal or software as a service like Xceedance.
“New partners are set to join and support this international movement to promote interoperability and cost-effectiveness, with further announcements in due course.”
An announcement on the launch notes that Oasis LMF has a mission to collaborate and pool resources so that it can offer the most cost-effective way of understanding risk.
Speaking at the Oasis LMF London conference, Whitaker said: “With increasing support and collaboration from industry players we are joining with others to help enable choice, reduce costs and catalyse innovation. For the first time we are offering a full package of models from ARA, CoreLogic, Impact Forecasting and JBA for the USA Japan and Europe that offer great choice at competitive pricing with the flexibility of delivery options from Fractal Industries, Simplitium, Xceedance and others.
“This unique package can offer annualised prices for a 3-year deal, ranging from $479,000 for small companies to $930,000 for large companies. (excluding taxes and hosting costs if applicable).
“It’s time to hear the voice of the growing risk modelling community. Individually we are one drop, together we are an ocean. Let’s change insurance for the better, make risk modelling more financially viable and even more data open and accessible.”