Touchstone (software)
| Developer(s) | AIR Worldwide |
|---|---|
| Initial release | January 15, 2003 |
| Engine | |
| Type | risk management tools |
| License | Proprietary commercial software |
| Website | www |
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Touchstone is a risk management platform specializing in catastrophe risk modeling developed and published by AIR Worldwide. Touchstone provides extreme event risk management tools and workflows, with an emphasis on simulating the potential loss experience for insurance contracts to diverse portfolios for various natural and man-made perils. The platform includes additional and expandable tools for portfolio and accumulation management with respect to real-time extreme events.[1]
History[edit]
Most previous products available from AIR and other risk modeling companies focused on generating loss data best extricated in quarterly or yearly reviews at best. The early 2000s, however, brought a new level of seriousness and intensity to natural catastrophes with it, which forced risk modelers to reinvent their frameworks for measuring risk. [2] Following significant developments in risk engineering assessments on the component-level of properties, global standardization of industrial and commercial codes beginning in 2007,[3] and the rapidly increasing availability of commercial data bandwidth,[4] it became feasible for risk modeling software to provide insurance underwriters with the means to sample data from multiple properties and calculate exposure estimates typified by categorical catastrophic events in near real time.
Since the initial release of Touchstone, numerous versions were released prior to 2018, with the latest version updated in August of that year.[5]
Features[edit]
Touchstone includes options for data management and Solvency II solutions. The software also covers operational risk reporting and risk portfolio analysis and hedging.[6] Its Geospatial Analytics options draw exposure accumulation visualizations along traditional geographical parameters and custom boundaries. [7]
Models[edit]
Touchstone includes options for data management and Solvency II solutions. The software also covers operational risk reporting and risk portfolio analysis and hedging.[8] Its Geospatial Analytics options draw exposure accumulation visualizations along traditional geographical parameters and custom boundaries. [9]
References[edit]
- ↑ "Multiline Data Schema Consultation Document - Global Exposure Accumulation and Clash (GEAC) Project". Accessed May 27, 2019. [1]
- ↑ "Advances in Catastrophe Modeling Improve Risk Assessment", CIPR Newsletter. Accessed Oct. 11, 2018. [2]
- ↑ "Managing Large-scale Risks in a New Era of Catastrophes", An Extreme Events Project of the Wharton Risk Management and Decision Processes Center. Accessed on Oct. 12, 2018. [3]
- ↑ "Average internet connection speed in the United States from 2007 to 2017 (in Mbps), by quarter" Statista Report, Accessed Feb. 17, 2019. [4]
- ↑ "AIR Worldwide Updates Wildfire Model with Event-Based Risk Management Approach", Insurance Journal. Accessed May 23, 2019. [5]
- ↑ "Touchstone - Enterprise Risk Management Technology Guide 2017-18", Insurance ERM. [6]
- ↑ "New Modelling Developments - Catastrophe Risk Seminar", Actuaries Institute. Accessed May 20, 2019. [7]
- ↑ "Touchstone - Enterprise Risk Management Technology Guide 2017-18", Insurance ERM. [8]
- ↑ "New Modelling Developments - Catastrophe Risk Seminar", Actuaries Institute. Accessed May 20, 2019. [9]
External links[edit]
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