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Boat Oasis, a Multi-Peril Catastrophe (Cat) Risk Modelling Platform for the (re)insurance industry, brought to market by Boat Services in January 2017 has added new risk models, increasing customer attraction.
In Q3, Boat formalized agreements with cat risk model provider COMBUS and portfolio analytics tool TigerEye, to integrate on the Boat Oasis platform, with more integrations to follow in Q4. COMBUS’s Australian Bushfire, Severe Convective Storm, Low Pressure System, Tropical Cyclone and Earthquake models are the first models on the platform to cover the Australian continent and are now offered to the (re)insurance community. TigerEye, the pricing and portfolio management provider, has also been added to help clients maximize performance and enrich portfolios, and is the first external analytics platform to integrate with Boat Oasis.
These additions complement the models already available on the platform, including Applied Research Associates’ (ARA) US hurricane model and CatRisk Solutions’ Middle East Earthquake model. Boat’s insurance offering enables efficient access to advanced risk models and has 10 clients using a combination of models to date.
In order to help the reinsurance community access these models, Boat have leveraged the technology experience of parent company Cinnober to develop a new model execution front-end and evaluation platform for firms to trial risk models prior to purchase.
“Boat Oasis is revolutionizing the cat risk modelling marketplace and brings something completely new to the (re)insurance industry” says Jamie Khurshid, CEO of Boat Services Ltd, the fully owned subsidiary of Cinnober. “There is a huge demand from cat risk model providers to integrate with Boat Oasis which supports us on our mission to create a unified cat risk modelling platform. This demand will bolster our sales efforts and we are looking to double our client base of within the next six months.”
Working with model providers from all over the world, Boat Oasis delivers an independent and transparent cat modelling service that encourages model development and provides the (re)insurance industry with a reliable way to meet their cat risk modelling requirements. Ensuring there is enough computing capacity available to model different risk scenarios and to cope with large data fluctuations has traditionally been challenging for (re)insurers, requiring large IT resource. Boat Oasis solves this problem by delivering an agile shared service offering that is fully managed and securely hosted. The platform goes beyond technology to create an ecosystem that is scalable and achieves productivity gains and cost-efficiencies for clients.
“This is a great example of how Cinnober group brings new and innovative technology to solve industry challenges,” comments Veronica Augustsson, CEO of Cinnober. “The current events in Texas reminds us of how important cat risk modelling is in how we develop and improve infrastructure and prevent catastrophic events from becoming financial disasters. Greater access to new and advanced cat risk models is needed and will, in the long run, improve our communities.”
Cinnober has since its inception been focused on exchange and clearing technology, developed for leading exchanges and clearinghouses globally. The company is to broaden its target group by the establishment of subsidiaries with adapted and highly competitive technology offerings. Today, three such subsidiaries are established.
Boat Services, whose services traditionally focus on trade reporting, were approached by Oasis to deliver a cat modelling service for the insurance industry that operates on the Oasis Loss Modelling Framework. Having operated with 100% uptime and zero incidents since 2007, Boat was the natural choice to deliver this innovative offering to market. This initiative is now known as Boat Oasis.
