at Financial Technnology Year
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Features in Catastrophe Modeling Software
for Underwriting
Specialized applications that simulate and predict the potential impact of natural disasters and catastrophic events on insured properties and portfolios. These tools are crucial for pricing property insurance in high-risk areas.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Data Integration and Import
Capabilities related to importing, integrating, and managing diverse datasets relevant to catastrophe risk analysis.
- Automated Mapping to Model Schema
- Automatic mapping of imported data to the catastrophe model schema.
- Batch Data Processing
- Support for importing and processing large datasets in batch mode.
- Bulk Upload Speed
- Time taken to import a standard set of exposure data.
- Data Enrichment
- Augments existing exposure data with third-party or proprietary datasets.
- Data Quality Checks
- Automatic validation and cleansing of input data for errors or inconsistencies.
- Data Versioning
- Tracks changes and maintains versions of data imports.
- Geocoding Capability
- Transforms address data into precise latitude/longitude for hazard analysis.
- Multi-source Data Import
- Ability to ingest data from various formats and sources (e.g., spreadsheets, databases, APIs, GIS formats).
- Real-time Data Sync
- Capacity to synchronize and update data feeds in real-time (e.g., exposure databases, hazard maps).
- Supported File Types
- Number of supported input file types or APIs.
Exposure and Portfolio Management
Tools for managing, analyzing, and aggregating insurance exposures at account and portfolio levels.
- Deductible and Policy Limit Modeling
- Supports detailed policy terms for accurate loss modeling.
- Exposure Change Log
- Tracks all exposure data changes and user actions.
- Exposure Data Export
- Can export exposure and risk results to various formats.
- Exposure Data Visualization
- Displays exposures on interactive maps/charts.
- Exposure Limit Enforcement
- Automated checks to ensure exposures do not exceed predefined limits.
- Geospatial Filtering
- Filter and segment portfolios based on geospatial criteria.
- Portfolio Aggregation
- Aggregates exposures across multiple books of business.
- Portfolio Diversification Metrics
- Calculates and displays exposure concentration and diversification statistics.
- Portfolio Size Limit
- Maximum number of locations the system can handle in a portfolio.
- Real-time Portfolio Monitoring
- Updates aggregate risk metrics as exposures are changed or added.
Financial Modeling and Analysis
Capabilities for calculating loss metrics, financial risk, and supporting underwriting decision-making.
- Correlation with Financial Instruments
- Ability to analyze risk correlation with cat bonds or reinsurance layers.
- Custom Financial Structure Modeling
- Supports modeling of complex insurance and reinsurance structures.
- Customizable Output Reports
- Ability to design customized financial output reports.
- Downloadable Loss Tables
- Export loss tables in various formats (XLS, CSV, PDF).
- Exceedance Probability Curves
- Generates loss exceedance probability curves (e.g., OEP, AEP).
- Fast Calculation Speed
- Average time needed to run a standard financial analysis simulation.
- Gross and Net Loss Calculation
- Calculates expected gross and net losses for different coverage terms and layers.
- Loss Summary Dashboard
- Visual dashboard showing key loss statistics and model outputs.
- Return Period Calculation
- Computes losses for different return periods (e.g., 1-in-100 year loss).
- Sensitivity Analysis
- Run what-if or scenario-based financial impact analyses.
Hazard and Peril Modeling
Features focusing on simulating diverse natural and man-made catastrophic events and their impacts.
- Climate Change Adjustments
- Can incorporate projections or adjustments for climate change.
- Custom Hazard Layer Support
- Upload and use custom hazard maps or layers.
- Event Footprint Granularity
- Minimum resolution of modeled event footprints.
- Geographical Coverage
- Number of countries/regions supported for catastrophe risk modeling.
- Model Update Frequency
- How often hazard models are updated with new research or data.
- Peril Correlation Modeling
- Can model dependencies between perils (e.g., hurricane and flood).
- Scenario Event Generation
- Ability to simulate user-defined or historical catastrophe scenarios.
- Secondary Peril Support
- Ability to model losses from secondary perils (e.g., hail, landslide, tsunami).
- Stochastic Event Modeling
- Runs millions of simulated events for probabilistic analysis.
- Supported Perils
- Number and variety of perils included (e.g., earthquake, flood, windstorm, wildfire, terrorism).
Integration and Extensibility
Features supporting integration with other enterprise systems, APIs, and extendability for custom use cases.
- Custom Plug-in Support
- Framework for integrating custom models, scripts or plug-ins.
- Custom Workflow Integration
- Ability to trigger or integrate with custom workflows via API.
- Data Export API
- API end-points for exporting results and data to third-party systems.
- ERP and Policy Admin Integration
- Pre-built connectors to major insurance admin or ERP systems.
- Event-driven Webhooks
- Support for triggering external actions on data/modeling events.
- Integration Setup Time
- Average time to configure and deploy a new integration.
- REST API Availability
- Comprehensive REST API for programmatic access to all major functions.
- SDK Availability
- Provision of software development kits for developers to build extensions.
- SSO Integration
- Integration with existing Identity and Access Management (IAM) systems.
- Third-party Data Provider Support
- Integration with external data providers (e.g., hazard, satellite imagery).
Model Transparency and Validation
Tools and features enabling transparency in modeling process, rationale, and validation/benchmarking of results.
- Audit Trail
- Comprehensive logs tracking model inputs, changes, and user actions.
- Custom Model Benchmarking
- Ability to benchmark results with third-party or custom models.
- Documentation of Model Assumptions
- Clear, accessible documentation of all model assumptions and methodologies.
- Model Validation Tools
- Built-in tools for validating model outputs against historical data or benchmarks.
- Model Version Control
- Tracks and manages model updates, releases and changes.
- Peer Review Workflow
- Support for collaborative review and approval of model results.
- Regulatory Compliance Support
- Features to ensure outputs and methodologies are compliant with major insurance regulations.
- Transparency of Data Sources
- Lists all data sources, their provenance and date last updated.
- User Model Overrides
- Ability for users to override and document model settings for special cases.
- Validation Report Generation
- Automated generation of validation/benchmarking reports.
Reporting and Visualization
Capabilities related to visualizing risk, exposures, losses, and generating standard/custom reports.
- Custom Report Builder
- Users can design and generate custom reports.
- Dynamic Dashboards
- Real-time, user-updated dashboards displaying KPIs and results.
- Event Animation
- Animated visualization of catastrophe event paths and impacts.
- Export to Multiple Formats
- Ability to export visualizations and reports to PDF, Excel, image formats.
- Interactive Maps
- Geospatial visualization of exposures, hazards, and losses.
- Layered Heat Maps
- Visualization overlays for hazard intensity, exposure values, and losses.
- Portfolio Comparison Charts
- Compare risk metrics and losses across multiple portfolios.
- Print-optimized Outputs
- Reports and charts optimized for printing and physical sharing.
- Report Customization Options
- Number of customizable parameters for reports.
- Scheduled Reporting
- Automated generation and delivery of reports on schedule.
Security and Compliance
Functionality and standards for protecting sensitive data and ensuring regulatory compliance.
- Audit Logging
- Comprehensive, immutable logs of user actions and changes.
- Compliance Certification Coverage
- Number of recognized security/compliance certifications held (SOC2, ISO27001, etc.)
- Data Encryption
- Encrypts data during transmission and at rest.
- Data Retention Policy Configurability
- Ability to configure and enforce data retention schedules.
- Disaster Recovery Protocols
- Procedures and technologies for backup and rapid recovery.
- GDPR Compliance
- Meets requirements for data protection per GDPR.
- Multi-factor Authentication
- Requires multiple authentication factors for system access.
- Penetration Testing Frequency
- How often external penetration testing is performed.
- Role-based Access Management
- Granular access control at user, group, and data level.
- Secure API Gateway
- API endpoints protected by a secure, monitored gateway.
Speed and Scalability
Performance characteristics of the software in terms of computation speed, scaling, and processing large portfolios.
- API Request Rate Limit
- Maximum rate of API requests supported.
- Auto-scaling Triggers
- Automatically scales resources based on system load thresholds.
- Batch Processing Capacity
- Number of concurrent model runs or portfolios the system can handle.
- Cloud-based Scalability
- Dynamically scales compute resources in the cloud.
- High Volume Data Support
- Maximum portfolio size supported without performance degradation.
- Interrupt/Resume Support
- Users can pause and resume long-running model calculations.
- Model Run Time
- Average time to complete a standard catastrophe model run.
- Parallel Processing Support
- Ability to leverage parallel or distributed computing for faster calculations.
- Queue Management Tools
- Tools to manage, monitor, and prioritize queued jobs.
- Time to First Result
- How quickly first interim results are available.
Support, Training, and Vendor Reliability
Features related to vendor support, user training, system documentation, and overall vendor profile.
- 24/7 Support Availability
- Round-the-clock technical and customer support.
- Average Support Response Time
- Mean response time for support tickets.
- Client/user Community Platform
- Online forum or community for peer-to-peer support.
- Custom Training Program Availability
- Offers training tailored for client roles or workflows.
- Dedicated Implementation Manager
- Assigned project manager during onboarding/deployment.
- Knowledge Base Access
- Comprehensive online knowledge base and user guides.
- Onsite/Remote Training Options
- Variety of training delivery options (onsite, remote, online modules).
- Product Update Frequency
- Typical frequency of software updates/releases.
- Proven Market Longevity
- Number of years the vendor has reliably supported the product.
- Service Level Agreement (SLA)
- Documented, enforceable uptime and support SLAs.
User Experience and Accessibility
Usability and accessibility characteristics of the software for various types of users.
- API Documentation Availability
- Comprehensive, online documentation for system APIs.
- Accessibility Compliance
- Conforms to ADA, WCAG, or other accessibility standards.
- Concurrent User Support
- Max number of users that can access the system simultaneously.
- Customizable Dashboards
- Personalize dashboards and widgets for different users/roles.
- Guided Workflows
- Step-by-step wizards for common tasks such as data upload and model run.
- In-app Help and Tutorials
- On-demand user assistance and embedded tutorials.
- Mobile Access
- Optimized for tablet and mobile device access.
- Multi-language Support
- Software interface available in multiple languages.
- Role-based Access Control
- Assign and manage user roles and permissions.
- Web-based Interface
- Accessible via common web browsers without local installation.