Catastrophe modeling firm AIR Worldwide has released version 2.0 of its catastrophe modeling software platform, Touchstone. The new version includes the ability to account for both catastrophe and non-catastrophe risk in a single platform.
Touchstone 2.0 features a new underwriting mode to streamline the account underwriting process and the ability for companies to adjust model output to reflect views of risk. AIR has integrated data resources from across the Verisk enterprise into its modeling platform, the company said; and a dashboard, which includes evaluating the quality of the account's exposure data, serves as the centerpiece of Touchstone 2.0’s underwriting mode.
Version 2.0 introduces the ability to adjust ground-up losses by event, region, line of business or coverage to reflect a company's loss experience, underwriting guidelines and internal research. The non-catastrophe analytics enable companies to analyze the non-catastrophe risk to property exposures using the same exposure data used in catastrophe modeling. Version 2.0 includes updates to all components of the U.S. severe thunderstorm model; comprehensive updates to the Canada earthquake model; a crop hail model for the United States; a multiple-peril crop insurance model for China; and inland flood hazard maps for China and Thailand.
"We're happy to see that AIR is successfully executing on its vision for Touchstone," said Robert Baldrey, chief catastrophe officer at TransRe. "Touchstone was available when we needed it, and the migration was very smooth thanks to AIR's excellent support team. Accelerated run times and the new geospatial module let us visualize exposures and create custom reports more efficiently. Overall, Touchstone's flexibility and speed are already helping us refine our exposure analysis on behalf of our global customers."
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