Simplitium, a provider of risk analysis services, has introduced reinsurance capabilities to its multi-vendor ModEx platform.
ModEx is the multi-peril catastrophe risk modelling platform operated on the Oasis Loss Modelling Framework (LMF), offering a hosted and fully managed service that removes the need for any client-side installation.
This new introduction expands the scope of ModEx to include the financial structures needed to model reinsurance contracts, offering support for facultative, quota share, surplus share, per risk excess of loss and catastrophe excess of loss.
Open Exposure Data (OED), launched by the firm in September 2018, provides the necessary exposure import format needed for the Oasis LMF to implement reinsurance. OED is now fully documented and validated in ModEx.
Simplitium says this will enable firms to develop a greater understanding of their risks through more comprehensive analysis.
“Reinsurance represented a major gap in the Oasis offering which has now been filled. The implementation of reinsurance in ModEx is a significant milestone as the platform develops and expands its offering,” said Dr. Matthew Jones, Head of Insurance Product Development at Simplitium.
“Crucially, this implementation strengthens ModEx’s position in the market as a viable alternative, or complement, to the incumbent modelling platforms.”
