Karen Clark & Company Releases Version 4.3 of RiskInsight® Open Loss Modeling Platform
Boston, MA, May 9, 2016
Karen Clark & Company (KCC) today announced the release of RiskInsight® Version 4.3. The update includes enhancements to the interactive dashboards, custom model building tools, and the job manager.
The interactive loss dashboards now automatically display Exceedance Probability (EP) curves by peril and combined, historical event losses, and the Characteristic Event (CE) losses for all return periods. Version 4.3 supports custom models for all peril types, including flood and severe convective storm (SCS), along with expanded event catalog creation capabilities. A new job manager makes it easier to set up complex analyses and distribute these across multiple processors.
"The new loss dashboards have wide appeal across the market," said Christopher Mossey, KCC Vice President, Client Development. "Reinsurance underwriters in particular like the single button approach to obtaining all the different loss metrics for individual ceding companies. The EP curves, CE profiles with market shares, and historical event losses provide a more complete picture of an insurer's catastrophe loss potential than provided by other models and tools."
RiskInsight Version 4.3 makes it possible to track actual tornado and SCS events in real time. For one localized tornado or an outbreak of tornadoes and hailstorms, RiskInsight users can immediately assess how much exposure they have in the affected area and estimate their likely losses. With the new model-building tools in V4.3, insurers can also create their own catalog of custom events.
"There has long been skepticism around the vendor SCS models," said Glen Daraskevich, KCC Senior Vice President. "As a result, many companies have started to develop their own proprietary models for this peril. The V4.3 platform makes it highly efficient to get these custom models into production to be used for pricing and underwriting as well as portfolio management and optimization."
The updated job manager utilizes new high performance computing (HPC) techniques to distribute jobs across the loss analysis cluster as needed to meet performance requirements.
"It's gratifying to see how far RiskInsight has come over the past few years," said Vivek Basrur, KCC Co-Founder and chief architect of the RiskInsight platform. "What started out as a tool focused on exposure data analytics has evolved into the most advanced catastrophe loss modeling platform in the market today. By working with the most sophisticated global reinsurers and insurers and delivering what they want, we've built a powerful suite of scientific tools for the new generation of catastrophe modelers."