Equinix works with Lloyds on catastrophe modelling platform
Equinix has announced a collaboration with insurance specialist Lloyd’s to develop and launch a catastrophic risk modelling platform.
The framework, which has been taken six years to develop and has seen investment of over $4 million, is hosted in Equinix’s interconnected insurance ecosystem and offers insurers access to a wider range of models from around the world.
Oasis Loss Modelling Framework is fully open source, and has been tested inside Equinix’s London International Business Exchange data centre, LD5. Equinix’s partners Cinnober and Datapipe have also provided hardware for the system, which can model anything from wild fires in Australia to hurricanes in the Americas.
Equinix global head of insurance James Maudslay said: “Equinix’s ability to interconnect businesses and partners has led to the launch of something that has the power to change how an entire industry works.
“As our business ecosystems continue to grow and more collaborations like this are formed across industry sectors, we will see more and more of this type of disruptive innovation – it’s a very exciting time for Equinix and our customers.”
The collaboration has involved Equinix, Lloyd’s and the Lloyd’s Marketing Association (LMA), along with 10 other managing agents
Trevor Maynard, head of exposure management and reinsurance, Lloyd’s: “The Oasis framework is groundbreaking in itself but really it's the nature of the collaboration that sets a new precedent. Equinix, Lloyd's and others have accelerated the creation of a market place for catastrophe models giving choice and the potential for deeper analysis to insurers.”