We are delighted to announce the official launch of global collaborative risk modelling effort The Wave
The Wave is an international project with the aim of creating more openness, interoperability and lowering the costs of risk modelling and data.
Born from an upswell of support for open source, cost-effective technology, we are a community of international stakeholders across industries which champions interoperable, global and cost-effective risk modelling and data solutions.
Our mission is to collaborate and pool our resources to offer the most cost-effective way of understanding risk.
The list of supporters and participants in The Wave is growing:
- JBA Risk Management
- Applied Research Associates, Inc
- Impact Forecasting
The Insurance industry is at an inflection point
Efficiency is needed to improve margins, technology disruption is a challenge, and filling the protection gap is imperative.
There is a clear need for more advanced insight into the impact and risk that climate change presents to global economies.
Insights that are accessible to everyone.
The essence of human progress is working together.
Born from an upswell of support for open-source, cost-effective technology, The Wave is a new risk modelling initiative that is more than the sum of its parts.
Comments and quotes
Jane Toothill, Director at JBA Risk Management, comments: "We are delighted to collaborate with Oasis on The Wave which facilitates broader access to ground-breaking catastrophe models like the JBA UK Flood Model and UK Climate Change Flood Model. The Wave represents a great step forward in the goal shared by us and other specialist modelling companies to offer clients simple, single-point access to a wide range of the highest quality models available. Oasis is fundamental to enabling this via a well-informed and accessible model platform."
“QOMPLX’s AIDP delivers unparalleled capability for understanding complex systems and assets driving risk in today’s most important emerging areas of risk quantification, management, and transfer,” said Jason Crabtree, CEO, QOMPLX. “Adding support for the Oasis LMF models further demonstrates Fractal’s commitment to leadership in advanced analytics and modelling for the Insurance industry.”
“A global community of catastrophe modellers and Xceedance are helping to ‘uberise’ catastrophe analytics by introducing On-Demand Cat Modelling Services on the Oasis Loss Modelling Framework,” said Uday Virkud, Board Member, Xceedance. Justin Davies, EMEA Region Head at Xceedance, added: “This is an example of how The Wave can bring tangible benefit to re/insurance organisations. They simply select the country/peril, and their data is modelled for them on a per account or per portfolio basis, using models on the Oasis platform — with no annual fees or licenses and zero infrastructure requirements. (Re)insurers can also expect a quick response for underwriting and portfolio management by an experienced services team.”
"Times have changed and in this new environment model users, model developers and regulators demand more than a simple vendor B2B solution. The Oasis open-source approach brings full access and transparency to a wide range of perils and regions from a variety of innovative companies, all riding The Wave. If you’re not riding The Wave you will be left behind."
Will Gardner, Managing Director (COMBUS)
"Rapid innovation in risk management requires systems that are flexible, scalable, designed for change—and built-in close collaboration with those who serve the industry. Solutions providers simply must find ways to differentiate that aren’t in opposition to the industry they serve. “The Wave” movement serves as a platform to solve many of the issues that currently impede innovation and operational efficiency across our industry. As such, we look forward to continuing to work with Oasis and other industry leaders to drive positive change.”
Bret Stone, President (SpatialKey)
Andrew Yeoman, Chief Executive (Concirrus) comments: “Insurance is a 300-year-old industry and we have a privileged opportunity to be part of this unique community to help reshape and drive significant change at scale. We’ve struck the perfect balance of curiosity, listening and imagining a better outcome for our customers – what underpins this is collaboration and our motivation towards helping them do a better job. Working with Oasis and supporting The Wave reinforces our commitment to collaboration - enabling the entire value chain to become more efficient.”
“We are fully behind the ethos of The Wave and through our investment in ModEx have demonstrated a commitment to deliver a new level of global capability in the cat modeling market. ModEx led the development of the Open Exposure Data format back in 2018 and there has been a wave of adoption of the OED across the industry and model development community. This is a practical example of how companies can come together and make positive changes that can benefit a whole industry. Nasdaq ModEx sees a bright future for the insurance industry with a vibrant eco-system of model providers, data analytics systems and exposure management platforms delivering a fully interconnected and integrated workflow via the Nasdaq ModEx platform.”
James Lay, Commercial Director of ModEx, Nasdaq Market Technology