Software developer AIR Worldwide recently announced an updated version of its risk-modeling platform, Touchstone, which will improve the intelligence-gathering and analytical capacity of its users. Reinsurance providers have already embraced the program in large numbers, and with the upcoming release of an expanded version of Touchstone, AIR expects to see even wider adoption.
Released in a less-robust form earlier this year, Touchstone quickly gained a reputation for providing detailed, actionable data. Reinsurance companies such as Montpelier Re, Aon Benfield and Guy Carpenter, as well as a large number of insurance providers, began integrating the software to bolster their research processes and ultimately help guide their policy-making. Touchstone comes with a number of deployment options, including cloud-based, and reviews have generally touted the program’s limited learning curve and straightforward setup process.
Detailed visualizations and data outputs are capable of accurately depicting a variety of loss-scenarios, which can also be presented within a geographical context. Data scoring is designed to make it simple to shore up riskier or more significant portfolios with improved information, while comparing that information against industry benchmarks.
In September the company announced that its software factored into the issuance of more than $25 billion worth of cat bonds since 1996, when the cat bond market was created. Much of the total figure represents transactions during the last few years, and that figure is concentrated further within 2013.
More recently, however, AIR Worldwide announced that it would be releasing its software with the added ability to view noncatastrophic risk models. AIR positions Touchstone as an ever-evolving platform that will have more to offer reinsurance brokers and providers with each new update. Previously the platform accommodated only catastrophic risk, but AIR is reportedly set to augment that capability to provide deeper insight into the risk faced by players within the reinsurance space.
The company made the announcement at September’s reinsurance gathering in Monte Carlo.
Posted: Monday, October 14th, 2013