Equinix Case Studies Revolutionizing Catastrophe Risk Modeling: A Case Study of Simplitium and Equinix

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	Revolutionizing Catastrophe Risk Modeling: A Case Study of Simplitium and Equinix Equinix

Revolutionizing Catastrophe Risk Modeling: A Case Study of Simplitium and Equinix

Equinix

Technology Category	Platform as a Service (PaaS) - Application Development Platforms Sensors - Temperature Sensors
Applicable Industries	Finance & Insurance Marine & Shipping
Use Cases	Tamper Detection Usage-Based Insurance
Services	Cloud Planning, Design & Implementation Services System Integration
Challenge	Simplitium, a UK company delivering ModEx, a catastrophe risk modeling platform for the (re)insurance industry, faced a significant challenge. The industry had been relying on outdated technology for the better part of three decades, using resource-heavy, legacy in-house hosting systems. These systems were used to analyze risks and potential damage of events such as natural catastrophes, helping (re)insurers calculate the financial implications to ensure they have enough capital to pay the claims and remain solvent. However, as cloud and hosted environments developed significantly, these legacy systems became increasingly inefficient and costly. Simplitium needed a reliable colocation partner with a strong presence in the insurance sector to help grow its customer base. They required a solution that would offer clients faster roll outs, lower costs, and zero downtime. Read More
About Customer	ModEx, delivered by Simplitium, is a catastrophe risk modeling platform for the (re)insurance industry. It operates on the Oasis Loss Modeling Framework (LMF) and provides an independent and transparent platform that encourages model development. Simplitium, formerly known as Boat Services, is a UK company wholly owned by Cinnober, a financial technology specialist. The company's clients are primarily (re)insurance companies that rely on mathematical models to analyze risks and the potential damage of events, such as natural catastrophes, to calculate the financial implications and ensure they have enough capital to pay the claims and remain solvent. Read More
Customer Name	ModEx Read More
Solution	Simplitium partnered with Equinix, a global interconnection and data center company, to host the ModEx platform at the Equinix LD5 International Business Exchange™ (IBX®) data center in London. This partnership allowed Simplitium to leverage Equinix's reliable, agile, and global data center environment to deliver a flexible, scalable, and secure shared catastrophe risk modeling service via a hosted and fully managed environment. This new approach enabled firms to improve their internal risk assessment processes and provided a cost-effective and reliable way to meet their catastrophe risk modeling requirements. The shared service approach in a hosted environment with a presence near the industry’s London hub and the global scale to handle potential future growth was a more effective solution than the legacy in-house hosting systems. Read More Log in to view content
Contents

Technology Category

Platform as a Service (PaaS) - Application Development Platforms

Sensors - Temperature Sensors

Applicable Industries

Finance & Insurance

Marine & Shipping

Use Cases

Tamper Detection

Usage-Based Insurance

Services

Cloud Planning, Design & Implementation Services

System Integration

Challenge

Simplitium, a UK company delivering ModEx, a catastrophe risk modeling platform for the (re)insurance industry, faced a significant challenge. The industry had been relying on outdated technology for the better part of three decades, using resource-heavy, legacy in-house hosting systems. These systems were used to analyze risks and potential damage of events such as natural catastrophes, helping (re)insurers calculate the financial implications to ensure they have enough capital to pay the claims and remain solvent. However, as cloud and hosted environments developed significantly, these legacy systems became increasingly inefficient and costly. Simplitium needed a reliable colocation partner with a strong presence in the insurance sector to help grow its customer base. They required a solution that would offer clients faster roll outs, lower costs, and zero downtime.

About Customer

ModEx, delivered by Simplitium, is a catastrophe risk modeling platform for the (re)insurance industry. It operates on the Oasis Loss Modeling Framework (LMF) and provides an independent and transparent platform that encourages model development. Simplitium, formerly known as Boat Services, is a UK company wholly owned by Cinnober, a financial technology specialist. The company's clients are primarily (re)insurance companies that rely on mathematical models to analyze risks and the potential damage of events, such as natural catastrophes, to calculate the financial implications and ensure they have enough capital to pay the claims and remain solvent.

Customer Name

ModEx

Solution

Simplitium partnered with Equinix, a global interconnection and data center company, to host the ModEx platform at the Equinix LD5 International Business Exchange™ (IBX®) data center in London. This partnership allowed Simplitium to leverage Equinix's reliable, agile, and global data center environment to deliver a flexible, scalable, and secure shared catastrophe risk modeling service via a hosted and fully managed environment. This new approach enabled firms to improve their internal risk assessment processes and provided a cost-effective and reliable way to meet their catastrophe risk modeling requirements. The shared service approach in a hosted environment with a presence near the industry’s London hub and the global scale to handle potential future growth was a more effective solution than the legacy in-house hosting systems.

Impact #1	The partnership between Simplitium and Equinix has facilitated the building of an ecosystem for companies in the insurance sector. The shared service model has not only reduced licensing costs but also lowered barriers to new model adoption. The system has proven to be stable, reliable, and secure, with zero downtime. This has reduced the risks of international expansion, with the option for ModEx to move into new Equinix locations around the world. By using an interconnection-first approach on Platform Equinix, ModEx now has unparalleled access to the markets and ecosystems to drive digital business worldwide. This has provided ModEx with the greatest opportunities for expansion and revenue growth.

Impact #1

The partnership between Simplitium and Equinix has facilitated the building of an ecosystem for companies in the insurance sector. The shared service model has not only reduced licensing costs but also lowered barriers to new model adoption. The system has proven to be stable, reliable, and secure, with zero downtime. This has reduced the risks of international expansion, with the option for ModEx to move into new Equinix locations around the world. By using an interconnection-first approach on Platform Equinix, ModEx now has unparalleled access to the markets and ecosystems to drive digital business worldwide. This has provided ModEx with the greatest opportunities for expansion and revenue growth.

Benefit #1	Cut new model rollout time from typically 6-12 months to just a month
Benefit #2	License costs are 75-90% lower than with traditional catastrophe modeling solutions
Benefit #3	Zero downtime to date, backed by an Equinix global service level agreement (SLA) of 99.9999% uptime

Benefit #1

Cut new model rollout time from typically 6-12 months to just a month

Benefit #2

License costs are 75-90% lower than with traditional catastrophe modeling solutions

Benefit #3

Zero downtime to date, backed by an Equinix global service level agreement (SLA) of 99.9999% uptime

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Overview

Revolutionizing Catastrophe Risk Modeling: A Case Study of Simplitium and Equinix

Operational Impact

Quantitative Benefit