JBA is committed to making it easier for (re)insurance firms to access complex data and mitigate flood risk. ModEx is a fully independent, multi-vendor modelling solution and presents JBA with a platform where they can make their models available to the industry. Through its fully hosted, shared service platform, ModEx makes JBA’s models more accessible than ever before.
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.
ModEx 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 ModEx platform has the benefit of eliminating potential barriers that customers might have toward changing models or adopting multiple views of risk.
Through its fully hosted and industrial strength shared service platform, ModEx 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 ModEx, JBA is able to reach a broader audience while benefitting from greater efficiency and productivity.
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 ModEx. Once models are on ModEx, it is simply a case of Nasdaq granting them access, and a client can immediately start running portfolios against JBA’s models
Working with ModEx 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
Using ModEx’s model evaluation platform, firms can test JBA’s models prior to purchase 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.
ModEx allows us as a model provider to concentrate on what we’re good at.
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