JBA Risk Management Case Study

Improving accessibility of JBA's models

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JBA is committed to making it easier for re/insurance firms to access complex data and mitigate flood risk. Nasdaq Risk Modelling for Catastrophes is an independent, multi-vendor modelling service, and a platform where JBA can make their models more accessible than ever before.

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Business Challenge

Deploying new risk models requires re/insurance firms to undergo comprehensive model validations and comparisons. Since most vendor models operate on different platforms, this becomes a lengthy and expensive process. New risk models may also require substantial IT resource due to the size and scale of the servers involved.

As a result, it can be challenging for re/insurance firms to make a case for deploying JBA’s flood risk models, even though they may provide a much better view of risk. While the Oasis Loss Modelling Framework (LMF) goes a long way to help with this, a sizeable proportion of re/insurance firms require a hosted solution to bring down cost and free up budget, in order to deploy new catastrophe risk models.

Solution

Nasdaq Risk Modelling for Catastrophes is a fully independent multi-vendor modelling solution and presents JBA with a platform where they can make their models available to the industry in an increasingly efficient and cost-effective way. Being able to deliver their complex data via the Nasdaq Risk Modelling service has the benefit of eliminating potential barriers that customers might have toward changing models or adopting multiple views of risk.

Through its SaaS offernig, Nasdaq Risk Modelling makes JBA’s models more accessible than ever before. The service also manages the client connectivity, onboarding and support, freeing up JBA’s resource so they can focus on what they do best: developing advanced flood models. With Nasdaq Risk Modelling, JBA is able to reach a broader audience while benefiting from greater efficiency and productivity.

Value Delivered

Quicker time to market

Due to the flexibility of the platform and easy access, it takes weeks rather than months to convert a new model to the Oasis format and make it available via the Nasdaq Risk Modelling Service. Once models are on the service, it is simply a case of Nasdaq granting them access, and a client can immediately start running portfolios against JBA’s models

Efficiency gains

Working with Nasdaq makes it both technically and contractually easier for JBA to set up a client model evaluations and progress to a fully-licensed catastrophe modelling environment. A single contract with Nasdaq means less legal work and complexity.

Improved model validations

The service allows for evaluation of models before usage, enabling firms to test JBA’s models and compare the outputs to their existing vendor models. This strengthens the confidence in JBA’s models and improves the model validation process, making it easier for firms to make a business case for new model deployment.

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