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The Benefits of Open Source
Platforms in PracticeDickie Whitaker
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Agenda
New technology platforms and solutions. Greater transparency: identifying uncertainty.
sources of sensitivity and their consequences. Enabling a community: cost and choice
benefits.
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What's the deal with open
platforms?Open-source software (OSS) is computer software with itssource code made available and licensed with a license inwhich the copyright holder provides the rights to study,change and distribute the software to anyone and for anypurpose.[1] A report by the Standish Group (from 2008)states that adoption of open-source software models hasresulted in savings of about $60 billion per year toconsumers.[3][4]
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How does it workUsers should be treated as co developersThe users are treated like co-developers and so theyshould have access to the source code of the software.
Furthermore users are encouraged to submit additions tothe software, code fixes for the software, bug reports,documentation etc. Having more co-developers increasesthe rate at which the software evolves. Linus's law states,"Given enough eyeballs all bugs are shallow." This means
that if many users view the source code, they willeventually find all bugs and suggest how to fix them.
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How does it work
Early releases: The first version of the software should bereleased as early as possible so as to increase one'schances of finding co-developers early.
Frequent integration: Code changes should be integrated
High modularization: The general structure of the softwareshould be modular allowing for parallel development onindependent components.Dynamic decision making structure
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Some examples
Linux
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What is the reason for the
creation of Oasis?
Barriers to entry over the years had restricted the creationof a vibrant marketplace, limited global experts access to
our business and limited innovation. The market wanted change and twenty-one companiestook the initiative and created the Oasis Loss ModellingFramework to become the first major entrant to the cat
model market since 1994.
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Oasis Vision Not for profit, open & open source innovative,sustainable
Creating a Community diversity and identity
Driving model transparency better informed decisions Stimulate innovation & drive change greater utility
Rapid, phased development Fit for purpose
Enabling a commercial marketplace drive competition& supply
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Oasis founding Members
Climate KIC
LloydsScor
Catlin
Validus
Ren ReHiscox
TigerRisk PartnersCathedral
NovaeZurich
LibertyAspen
Aon BenfieldGuy Carpenter
WillisPartner ReAllianzAxisAmlinTokio Millennium /Kiln
Suncorp
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Oasis Associate Members
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What is Oasis?
Oasis is a flexible plug and playframework It allows hazard, vulnerability and
user interface specialists to easily
offer their products.
It gives users the choiceofprovider, method of integrationand IT environment
It provides full uncertaintyinformation
It allows users to choosetheirview of risk
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What is Oasis? Technical
Three-tier modern, flexibleExtensible agnostic kernelScaleable from laptop to supercomputerDeployable can run on many operating systemsWebservices plug and play
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Three Tier Architecture
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Full Discrete Calculation
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Full Discrete Calculation
cf ARA:
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Uncertainties in cat models
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More than just an EP curve
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What Strategy to adopt?
Exposure Database Results Database
Workflow Reporting
Calculator
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What are the advantages-
Widest pool of intellect from science and technology Choice of platform, technology and cloud (or not) Can be integrated with preferred workflow (a framework not a
platform) Real own view of riskachievable Greater variance of treaty pricingA commercial environment to stimulate a market place Will significantly reduce cost
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Oasis loss modelling
frameworkGiving the market choice
Join [email protected]
