Nasdaq has announced the launch of what it describes as “the first independent multi-vendor risk modelling service for the reinsurance industry”.
The upgraded Nasdaq Risk Modelling service is a cloud-based solution that the firm says enables insurers, reinsurers, and brokers to unlock access to a broad range of best-of breed risk models from several providers through a single service. As such it will increase the ease of model accessibility and strengthening risk management programs.
“While currently focused on natural catastrophes, with models spanning earthquakes, hurricanes, floods and a number of other perils, Nasdaq aims to roll out the service more broadly to cover other insurance-related risks in the future,” said the firm in a statement.
The upgraded Nasdaq Risk Modelling service is powered by the latest version of the Oasis Loss Modelling Framework, an open source catastrophe modelling framework. The cloud-deployed service also offers a Rest API to enable integration with external systems.
“Nasdaq Risk Modelling is a unique SaaS offering which increases the choice of risk models for our clients and the industry, while simplifying operations as it removes the need for costly on premise installations,” said Matt Jones, Head of Catastrophe Risk Products, Nasdaq. “By leveraging our ecosystem to access multiple models, customers can gain a broader understanding and deepen their knowledge of catastrophe risk from perils such as flood, earthquake and hurricane.”
There are currently nine risk model providers offering models through Nasdaq Risk Modelling, including JBA Risk, CoreLogic and Impact Forecasting. Nasdaq said additional models and providers will be announced in the near future.
“Our approach to Nasdaq Risk Modelling reflects the SaaS business model that Nasdaq is adopting across its Market Technology business,” said Paul McKeown, Senior Vice President and Head of Marketplace Operators and New Markets at Nasdaq Market Technology. “This is an important step for our evolution in the InsurTech space. The service advances our ability to accelerate innovation in the reinsurance industry as our dynamic offering enables industry participants to easily collaborate and scale their modelling.”