Nasdaq has launched its upgraded Nasdaq Risk Modelling service, which is claimed to be the first independent multi-vendor risk modelling service for the reinsurance industry.

The cloud-based solution provides insurers, reinsurers, and brokers with multiple breed risk models from several providers.

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Powered by the latest version of the Oasis Loss Modelling Framework, the service is said to provide clients with faster modelling time and flexible reporting output.

The service is also designed to offer clients broader modelling for financial structures, noted Nasdaq.

Furthermore, it offers a Rest API to allow rapid integration with external systems.

The upgraded risk modelling service is currently focused on natural catastrophes such as earthquakes, hurricanes, floods and other natural perils.

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Nasdaq plans a broader roll-out of the service to include other insurance-related risks in the future.

Nasdaq Catastrophe Risk Products head Matt Jones said: “Nasdaq Risk Modelling is a unique SaaS offering which increases the choice of risk models for our clients and the industry, while simplifying operations as it removes the need for costly on premise installations.

“By leveraging our ecosystem to access multiple models, customers can gain a broader understanding and deepen their knowledge of catastrophe risk from perils such as flood, earthquake and hurricane.”

At present, there are nine risk model providers offering models via Nasdaq Risk Modelling. This includes JBA Risk, CoreLogic and Impact Forecasting.

Nasdaq Market Technology senior vice-president Paul McKeown said: “This is an important step for our evolution in the InsurTech space.

“The service advances our ability to accelerate innovation in the reinsurance industry as our dynamic offering enables industry participants to easily collaborate and scale their modelling.”