Global exchange operator and technology firm Nasdaq announced today the launch of its new Nasdaq Risk Modelling service, an independent multi-vendor risk modelling service for the re-insurance industry.
The cloud-based solution enables insurers, reinsurers, and brokers to unlock access to a broad range of risk models from a number of providers through a single service, increasing ease of model accessibility and strengthening risk management programs.
Nasdaq is currently focused on natural catastrophes, with models spanning earthquakes, hurricanes, floods and a number of other perils, but 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. The cloud-deployed service also offers a Rest API to enable rapid integration with external systems.
Nasdaq’s evolution in the InsurTech space
“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,” says Matt Jones, Head of Catastrophe Risk Products at Nasdaq.
FBS Holds Charity Event to Provide Health Supplies in IndonesiaGo to article >>
“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,” he adds.
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.
Paul McKeown, Head of Marketplace Operators and New markets at Nasdaq Market Technology says that the firm’s approach to Nasdaq Risk Modelling reflects the SaaS business model that Nasdaq is adopting across its Market Technology business.
“This is an important step for our evolution in the InsurTech space. The service advances our ability to accelerate innovation in the re-insurance industry as our dynamic offering enables industry participants to easily collaborate and scale their modelling,” he notes.
Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organisations 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.