(Oakland, CA--) EQECAT Inc., an ABS Consulting company, has announced the release of WORLDCATenterpriseTM 3.0 catastrophe management modeling software.
WORLDCATenterpriseTM enables property insurers and reinsurers to underwrite and manage accumulations for global catastrophe exposure using a single product platform.
"We believe that WORLDCATenterpriseTM is the only product that can analyze both aggregate and site-specific data for primary and reinsurance applications using the same product platform for 88 countries," said Tom Larsen, Senior Vice President and product manager for EQECAT. "This means lower costs. Insurers can greatly benefit from using a single interface to underwrite Treaties, Facultative Certificates, Excess and Primary residential or commercial policies worldwide."
Workflow speed and simplicity are extremely important to underwriters. EQECAT has innovated ways for users to quickly and easily import submission data for analysis, whether aggregated sums insured or detailed site level data in spreadsheets or text files. WORLDCATenterpriseTM also includes embedded pricing and optimization tools designed to help underwriters quickly quantify both CAT load loss cost and risk volatility and to determine if the risk fits well into the existing portfolio from a capacity utilization perspective. "WORLDCATenterpriseTM is very flexible and provides significant treaty underwriting capabilities," commented Mark Cravens of Wellington Underwriters.
Roll-up and management of corporate accumulations across multiple lines of business is now possible with a fraction of the work required by older systems. The WORLDCATenterpriseTM financial model uses 150,000 years of simulations to enable proper analysis and accumulation of treaties having annual aggregate components. "Some legacy models require users to develop and maintain their own means to model annual aggregate treaty results outside the model," said Larsen. "This constraint complicates the risk management process and limits the usefulness of such models to only per occurrence treaties."
In addition, WORLDCATenterpriseTM features a 3-tier client-server architecture that provides users with scalable, high performance at lower cost than models that require more powerful and costly PCs at each user location to run the analyses. The WORLDCATenterpriseTM design enables use of powerful clustered centralized servers to provide efficient, reliable computing resources for everyone in the organization and better control and backup of critical data.
For more in-depth technical information about WORLDCATenterpriseTM, contact EQECAT in the U.S. at 510-817-3101 or in Europe, contact the U.K. office at 44 (0)207 377 4583