Custom views of risk can differentiate your business, which is why AIR is committed to offering flexibility in its software. Whether you’re looking to develop your own custom models or modify existing AIR models, we have solutions to meet your needs. This summer, AIR will be introducing even more flexibility in Touchstone® with the ability to customize vulnerability functions.
Touchstone was deliberately architected to be an open platform, offering you the transparency and flexibility to cultivate your own view of risk while enabling a more open framework for information-sharing and growth. Beginning with the first releases, users were able to import their own shapefiles and modify ground up losses. Over the years, AIR has taken flexibility even further with the introduction of Model Builder™, which allows users to create their very own model and deploy it in Touchstone. We also offer flexibility in Touchstone Re™ with the Advanced Loss Modification (ALM) module, which allows users to modify aggregate modeled losses at the event or program level, create customized lines of business with specialized vulnerabilities, and create entirely new models.
Starting in Summer 2020, Touchstone users will have the opportunity to import custom vulnerability functions and run those alongside AIR vulnerability functions, while leveraging the AIR model’s hazard module and Touchstone’s powerful financial engine. Users will be able to import their custom-defined damage functions leveraging the Model Builder platform, which can now be launched from within Touchstone. Whether you are looking to reflect a different loss experience specific to a coverage or sub-peril or account for additional assumptions, the custom vulnerability functionality can be implemented to integrate alternative views of risk.
One of the many challenges insurance companies face when considering the switch to other risk modeling providers is handling a potential or abrupt change in their risk projections. However, AIR offers a cost-effective, minimally disruptive way to replace legacy modeling systems while maintaining your proprietary view of risk. Companies have several options for customizing their risk across our software offerings to ensure a smooth transition to AIR.