Catastrophe modeling firm AIR Worldwide’s software platform, Touchstone, will include the ability to account for both catastrophe and noncatastrophe risk in an attempt to offer companies a more comprehensive view of their risk. The update will be available in future releases.
According to AIR, adding noncatastrophe analytics to Touchstone will allow companies to analyze the noncatastrophe risk of property exposures using the same exposure data that has been input for catastrophe modeling. Managing in a streamlined workflow and saving time are the overall goals for the new technology.
“AIR can leverage the vast resources of Verisk Analytics, our parent company, as we expand the capabilities and functionality of Touchstone,” said Ming Lee, president & CEO of AIR Worldwide. “That expansion includes ISO advisory prospective loss costs, and ISO’s Commercial Property Size-of-Loss Database (PSOLD).”
ISO’s loss costs and PSOLD will be integrated into Touchstone, which was initially introduced in January 2013, and ISO noncatastrophe information for both insurance and reinsurance pricing analysis will be available and can be combined with modeled catastrophe losses.
“We envision that in future releases of Touchstone, companies will have the ability to add their own loss cost data for individual locations, both inside and outside of the U.S.; and to enter adjustments to loss costs based on their specific exposures,” Lee said.
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