Open Platform
Our open platform initiatives offer users the transparency and flexibility to cultivate their view of risk while enabling a more open network for information sharing and growth.
A Growing Movement
As the open catastrophe modeling platform movement has grown, encouraging interoperability of models, the insurance industry has welcomed additional and alternative views of risk.
AIR understands that new perspectives have the power to enrich all of us, helping to better inform resilience decision-making in our industry and around the world.
Supporting Custom Model Development
Touchstone Model Builder and Aggregate Model Builder in Touchstone Re were designed to allow you to drop the core of your model into our award-winning platforms: create enterprise grade models with no programming required. Our platforms provide the highest-quality analytics and financial capabilities, with a focus on core workflows, usability, and performance, allowing you to get the most from your models.
A History of Partnerships and Data Exchange
We helped to develop the industry’s first cyber exposure data standard, and we are continuing to explore new ways to facilitate the collection and exchange of high-quality exposure data throughout the insurance value chain.
We deliberately architected the Touchstone® and Touchstone Re™ platforms to incorporate multiple views of risk, including importing custom damage footprints to quantify the risk from non-modeled regions or perils. We created Model Builder™ to make it easier than ever to develop and share custom views of risk.
We are a founding member of GEM, which works to provide earthquake model access to underserved communities.
An Open and Transparent View of Risk
For our existing models, we provide a host of ways to modify losses based on a broad variety of criteria, allowing users to account for non-modeled risk or new scientific findings, and specify user-defined damage ratios to estimate losses. We’ve increased transparency, providing access to location level event intensity information on eligible models.
For enterprise portfolios, Advanced Loss Modification in Touchstone Re features improved functionality, allowing users to modify modeled losses at the event or program level, create customized lines of business with specialized vulnerabilities, and create entirely new models.
Facilitating Diverse Perspectives
In modeling, maintaining a scientifically credible, internally consistent view of risk is paramount. Yet models, by their nature, are not perfect representations of risk—there is uncertainty inherent throughout the modeling process. Enabling flexibility and a multi-model approach can facilitate new risk perspectives and can help to validate current views.
Read "How Catastrophe Models Can Help Close the Protection Gap"
AIR knows the core of a model is the designer’s proprietary knowledge: understanding of the risk—conveyed as meteorological, seismological, or other research data—and engineering data on the potential vulnerabilities to properties from that risk, including probability distributions.
Expanding Knowledge
Open platforms can help promote new applications for risk measures, helping various stakeholders better understand and manage their risk. AIR is actively working to expand the benefits of risk modeling to NGOs, government policymakers, and other organizations.
Read "Leveraging Catastrophe Models for Effective Resilience Planning"
Empowering a Growing Market
For academics and NGOs who develop CAT models, Model Builder makes it much easier to disseminate their research and view of risk to the market. For example, we are excited to be working with Model Builder and GEM to implement their global earthquake model.
As an extension of the work AIR has already done with other third-party model providers in Touchstone, we are working to empower providers who want to reach a larger audience through our platform.
