Nasdaq Launches New Risk Modelling Service for the Insurance Industry
Reinsurers can now access multiple catastrophe risk models on one cloud-native SaaS-solution
STOCKHOLM, Sweden and LONDON, April 27, 2020 (GLOBE NEWSWIRE) -- Today Nasdaq (Nasdaq: NDAQ) announced the launch of its upgraded Nasdaq Risk Modelling service, the first independent multi-vendor risk modelling service for the reinsurance industry. The cloud-based solution enables insurers, reinsurers, and brokers to unlock access to a broad range of best-of breed risk models from a number of providers through a single service, increasing 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.
The upgraded Nasdaq Risk Modelling service is powered by the latest version of the Oasis Loss Modelling Framework, an open source catastrophe modelling framework, offering clients increased performance, scalability and enhanced functionality such as faster modelling time, flexible reporting output and broader modelling for financial structures. The cloud-deployed service also offers a Rest API to enable rapid 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 some of the industry’s largest model providers JBA Risk, CoreLogic and Impact Forecasting. 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.”
Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organizations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators, in over 50 countries with end-to-end, mission-critical technology solutions.
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
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Source: Nasdaq, Inc.