Reformatting and translating catastrophic risk data used by the industry’s myriad of risk modeling systems is time-intensive, susceptible to manual errors from data re-keying, and therefore suboptimal. The amount of time wasted by an analyst – over 50% of an analyst’s time by some estimates – dramatically slows the turnaround time of new proposals and limits the number of proposals to which a re-insurer can respond.
Metatomix Catastrophic Modeling 360° (CM360) frees up analysts to actually analyze risk more quickly and confidently – as opposed to cleaning and transforming data – and therefore vastly improves the speed of proposal turnaround, the number of proposals to which a re-insurer can respond, and ultimately the revenue of the re-insurer. It does so by transforming risk and treaty data from multiple, disparate formats and converting them into the input formats needed by each modeling system. It also validates the data quality, initiates the running of the various models, and presents the 360° results in an intuitive, real-time analyst dashboard.
Today, analysts must spend over half of their time on data preparation, cleansing and transformation to enable a thorough, accurate risk analysis. The primary issue concerns the reuse of catastrophic data across multiple risk modeling solutions. That data must be reformatted and translated for use in multiple systems. Further, inconsistencies in the input of data exacerbate the issue by increasing the time and effort to run multiple models, which is commonly done to ensure a complete picture when the analyst is creating a proposal.
Another challenge is the need to compare current submission data to submission data of prior years to understand changes in the critical assumptions that affect risk analysis. Today, that analysis is time-consuming and susceptible to errors, resulting in inferior analysis quality.
Finally, most re-insurers have legacy systems in place that cannot be impacted so data must be accessed non-obtrusively. The system must also have the flexibility to accommodate changes in the underlying systems and the addition of new models as underwriting criteria evolve, as often happens after major catastrophes.
Metatomix Catastrophic Modeling 360° gathers risk data from multiple sources, transforms the data into the modeling input values needed by each modeling system, validates data quality, initiates each risk model, and displays the 360° results in a real-time dashboard for the analyst.
The real-time analyst dashboard provides a wide range of functionality, including:
All of this functionality is delivered while non-obtrusively leveraging existing application investments, allowing the re-use of existing systems and minimizing data ownership issues. Further, the system easily accommodates updates to the existing systems as well as the addition of new models.
Metatomix Catastrophic Modeling 360° is built upon the Metatomix Semantic Platform, which simplifies the way in which an application uses data from any data source. The Metatomix Semantic Platform provides a real-time virtual integration layer between the catastrophic modeling applications and the risk data, which enables even the most disparate modeling applications to understand data that initiates with the other modeling systems or outside data sources. Catastrophic Modeling 360° provides non-invasive data integration from all modeling and other data sources, a common model across all data, business rules and policies, and a development and run-time environment all in one platform. The result is an incredibly flexible system that allows you to leverage existing data sources and define workflow – such as the initiation of each catastrophic modeling system - with greater ease than other solutions.
