Arch Worldwide Insurance Group has selected AIR Worldwide’s Touchstone as its primary catastrophe risk modelling solution.
Touchstone is a total risk management platform designed to execute advanced analytics that firms need to own their risk.
In June this year, the platform was enhanced to include upgrades which allow users to perform new analytics, customise the software, and improve user workflows.
The enhancements included support for zone-based analytics for detailed loss modelling, and improved management of Touchstone projects and data transfer between companies.
It also included an extensive refresh of the user interface, and the ability for users to build and use custom models.
Arch Worldwide Insurance Group chairman and CEO Nicolas Papadopoulo said: “We’re excited to align with AIR, whose world-class suite of models will provide deeper insight to our organisation’s catastrophic risk.
“Access to the most up-to-date information is key to making the best-informed decisions, and we view AIR and Verisk as market leaders in data collection and analytics.”
The platform will be leveraged by Arch for detailed loss modeling. The technology vendor said that it has built a customised suite of tools that links its models into Arch’s infrastructure.
“AIR’s ability to integrate its models to our underwriting system is a testament to the company’s technical expertise and outstanding client service,” added Papadopoulo.
AIR Worldwide president Bill Churney said: “The ability of Touchstone to seamlessly embed catastrophe modeling output directly into Arch’s existing pricing and risk management system proved to be invaluable. And it was further proof that our advanced modeling platform is not only powerful but also flexible and customizable.”