AIR Continues to Deliver on Software Road Map: Releases New Version of Catastrophe Modeling Platform Touchstone
(Thomson Reuters ONE) -
For Immediate Release:
AIR Continues to Deliver on Software Road Map:
Releases New Version of Catastrophe Modeling Platform Touchstone
BOSTON, June 22, 2015 - Catastrophe modeling firm AIR Worldwide released Version
3.0 of its catastrophe modeling software platform, Touchstone(®). Touchstone is
a total risk management solution designed to perform advanced analytics to help
companies better own their risk. Touchstone is a scalable platform on which
companies can build a broad analytics infrastructure. The latest version offers
companies additional tools to test, compare, and modify model output to develop
their own view of risk. AIR Worldwide is a Verisk Analytics (Nasdaq:VRSK)
business.
Touchstone 3.0 offers comparative loss analytics that allow companies to
evaluate multiple sets of loss results simultaneously, including results between
model versions, between different exposure sets, or using different policy terms
- comparisons that, in the past, had to be performed outside of the software.
Also in this release is access to detailed hazard data for simulated events to
give users even more insight into the drivers of loss and to further facilitate
model validation as required by regulatory regimes such as Solvency II.
Touchstone 3.0 also provides expanded loss modification capabilities to allow
companies to develop their own view of risk.
"Today, more than 120 companies are benefiting from the advanced capabilities of
Touchstone for catastrophe risk analysis," said Bill Churney, COO, AIR
Worldwide. "With this release, AIR continues to execute on its technology road
map by introducing important new functionality. With the new features and
significant workflow enhancements, Touchstone version 3.0 offers even more
flexibility, a broader range of analytics, and more efficient workflows to our
rapidly growing client base. Next-generation catastrophe modeling is a reality;
companies are seizing the opportunity now, not waiting, to perform more advanced
analytics to better own their risk."
Touchstone 3.0 supports the ability to integrate non-AIR models, thereby
extending the range of exposures that can be modeled in Touchstone and providing
alternative views of risk. In this release, risk assessment company ERN's Mexico
earthquake and hydro models are seamlessly integrated into Touchstone.
Other new functionality includes the Reinsurance Submission Pack Wizard, which
ensures the fidelity of reinsurance submissions by streamlining the import and
export of data needed to model reinsurance submissions in Touchstone. This
enhancement helps alleviate the business delays often associated with sending or
receiving incompatible files within a reinsurance submission.
Touchstone 3.0 has a new ring accumulation method as part of its Geospatial
Analytics Module. The new Dynamic Ring accumulation algorithm identifies maximum
exposure concentration rings using a technique that can deliver more accurate
accumulations than traditional methods. Traditional methods are often limited to
finding rings with the constraint that one of the risks is at the center of the
ring. The Dynamic Ring tool removes this constraint and can find the maximum
exposure accumulation ring even when a risk is not located at the center. Also,
functionality within Underwriting Mode continues to expand to include new
analytics and data, such as the ability to assess the marginal impact of
policies under consideration and the ability to analyze additional
noncatastrophe sources of loss.
"Touchstone 3.0 contains many enhancements that serve to increase transparency
and usability in an already robust platform," concluded Churney. "In addition to
offering new features on comparative analytics and the ability to access and
analyze stochastic hazard information, AIR continues to provide choice in
deployment by giving companies the ability to burst to the cloud within
Touchstone 3.0 during times of peak activity, opt for full deployment in the
cloud, or host on premises."
The new and updated models included in the Version 3.0 release of Touchstone
and/or Version 17.0 of CATRADER(®) represent the culmination of major research
and development efforts at AIR. They include updates to the U.S. hurricane
model, such as a new hydrodynamic storm surge module; comprehensive updates to
the hazard and engineering components of the Canada severe thunderstorm model;
new tropical cyclone and winter storm models for Canada; an expanded global
pandemic model that includes coronaviruses and filoviruses; an expanded European
inland flood model to include Austria, the Czech Republic, and Switzerland; a
significant update to the South America earthquake models that include the
ability to assess tsunami risk and that adds Ecuador to the model domain; and
new flood hazard maps for Brazil. Later this year, AIR plans to release an
update to its Japan typhoon model to include storm surge.
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 Worldwide, a Verisk Analytics (Nasdaq:VRSK) business, 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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originality of the information contained therein.
Source: AIR Worldwide via GlobeNewswire
[HUG#1929935]
Unternehmensinformation / Kurzprofil:
Datum: 22.06.2015 - 11:10 Uhr
Sprache: Deutsch
News-ID 401953
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