Aon - IMPACT FORECASTING ELEMENTS and AER
Type of System
- Catastrophe modelling
- Exposure management
- Risk management
- Solvency II solution
- Portfolio analysis/hedging
Type of platform
Other features - the offering facilitates:
Solvency II internal model
What are the typical implementation costs?
Pricing is on a per model basis and fees can range from $20,000 - $200,000
How long does your software take to implement on site?
It depends on a client’s server /setup. In a best-case scenario, the installation and implementation takes only one day.
Please name companies that use the system/solution
Our solutions are widely used by a large number of re/insurers, which are also clients of Aon.
Most recent significant update:
A new version of ELEMENTS is released every year usually in April /May
This year we have enhanced the speed of the calculation process and boosted the set of APIs for integration with any other in-house products.
In addition, with our automated loss forecasting service, Automated Event Response (AER) for US hurricane and EU windstorm, we are now focusing on the enhancement of its design and user experience.
Planned future enhancements:
In the pipeline, for example, is a further enhancement of analyses runtime, new model releases and support of the open exposure data format.
How does your solution integrate with third-party systems or in-house systems?
Integration of our solutions with any existing system is an easy task due to the set of our APIs.
What is the key attribute of your product(s) that differentiates it from your competitors?
Our platform is open and transparent with over 100 customisable models across 80 territories and 12 perils .
This gives re/insurers the ability to incorporate their own view of risk into model results.
As a universal catastrophe modelling platform, ELEMENTS has the ability to also run the party models for any peril or territory.
In addition, AER is a fully automated loss forecasting service built upon our US hurricane and EU windstorm models. These are combined with actual meteorological forecast data and clients receive their loss estimates on a daily basis (when there is a significant event approaching their portfolio).
This enables valuable data-driven risk management decisions and a lowering of then financial implications of a catastrophe.
Transparent and customisable catastrophe modelling platform designed to help companies create their own view of risk.