Insurance Industry Rapidly Adopts Touchstone, AIR's Next-Generation Platform
(Thomson Reuters ONE) -
For Immediate Release:
Insurance Industry Rapidly Adopts Touchstone, AIR's Next-Generation Platform
BOSTON, July 18, 2013 - The insurance industry is rapidly adopting
Touchstone(TM), AIR Worldwide's next-generation catastrophe modeling platform.
Since the new software's release in January 2013, Touchstone has gained wide
acceptance across the marketplace by some of the largest insurers, reinsurers,
and intermediaries.
"With the release of Touchstone, AIR is offering a robust and reliable platform
that we can easily integrate into our proprietary catastrophe management system,
APEX," said Alan Calder, group head of catastrophe risk at Aspen. "Part of our
risk management strategy is to evaluate and understand multiple views of risk.
Our R&D department blends multiple external models such as AIR's with our
internal research. We appreciate the additional flexibility and depth of insight
that Touchstone offers, as it gives us more control in terms of how we manage
our overall catastrophe risk."
Among the many companies already deploying Touchstone are reinsurance brokers
Aon Benfield, Guy Carpenter, and Willis Re; insurers such as FM Global; and
reinsurers such as Aspen Re, Montpelier Re, and TransRe.
"The installation of Touchstone was effortless, and we were up and running in
just a matter of days," said Gero Michel, PhD, MSc, GMP, CRO, and head of risk
analytics at Montpelier Re. "Within the production environment, we've seen
markedly reduced run times, and the platform helps us dramatically streamline
our detailed modeling workflow. Our new ability to visualize and drill into
exposure enhances our analytical capabilities and increases our underwriting
skills for both our insurance and reinsurance business."
Touchstone allows users to gain a deeper understanding of their exposures and
enterprisewide loss potential, develop insight into the drivers of uncertainty,
generate information on demand to make the right business decisions, and
communicate the risk in clear language to all stakeholders. Touchstone features
dedicated modules for assessing and improving data quality, understanding
location-level hazard, performing geospatial analytics for both modeled and
nonmodeled countries using advanced GIS and mapping techniques, and performing
detailed loss analyses at run times far faster than previously possible.
Touchstone deploys in whatever manner satisfies the needs of clients - on
premises, in the cloud, or fully integrated with their own business workflow
systems.
"We're pleased with the overwhelmingly positive client feedback regarding
Touchstone," said Uday Virkud, P.E., executive vice president at AIR Worldwide.
"Offering choice to companies has clearly resonated, as clients appreciate the
versatility in deploying Touchstone in a manner best suited for their specific
needs. In addition, our vision for Touchstone goes well beyond making our
existing models easier to access and use. Our clients are immensely excited
about the wide range of enhancements in the pipeline - enhancements that will
enable them to better manage their enterprisewide risk and stay ahead of
evolving industry needs."
AIR's vision for Touchstone is to go beyond the ownership and management of
catastrophe risk. As a Verisk Analytics (Nasdaq:VRSK) subsidiary, AIR is in a
unique position to take advantage of the vast data stores of ISO and other
Verisk Analytics businesses. One example is the ability to quantify combined
catastrophe and noncatastrophe risk in a single platform. AIR will begin rolling
out these capabilities in Touchstone next year.
Virkud concluded, "While we have invested and will continue to invest heavily in
Touchstone, of equal importance to the software is our continuing investment in
our models. Our models have long been considered the most reliable in the
industry, and we will continue to deliver what our clients have come to expect
from us - scientifically advanced models that serve as the trusted currency by
which to manage and transfer risk. Touchstone gives companies all the tools they
need to harness the power of the models - and truly own their risk."
About AIR Worldwide
AIR Worldwide (AIR) is the scientific leader and most respected provider of risk
modeling software and consulting services. AIR founded the catastrophe modeling
industry in 1987 and today models the risk from natural catastrophes and
terrorism in more than 90 countries. More than 400 insurance, reinsurance,
financial, corporate, and government clients rely on AIR software and services
for catastrophe risk management, insurance-linked securities, detailed site-
specific wind and seismic engineering analyses, and agricultural risk
management. AIR is a member of the Verisk Insurance Solutions group at Verisk
Analytics (Nasdaq:VRSK) and is headquartered in Boston with additional offices
in North America, Europe, and Asia. For more information, please visit www.air-
worldwide.com.
###
For more information, contact:
Kevin Long
AIR Worldwide
617-267-6645
klong(at)air-worldwide.com
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Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: AIR Worldwide via Thomson Reuters ONE
[HUG#1717429]
Unternehmensinformation / Kurzprofil:
Datum: 18.07.2013 - 16:20 Uhr
Sprache: Deutsch
News-ID 279858
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contact information:
Town:
Boston
Kategorie:
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