Category Archives: RMS(one)

Day Two from Exceedance 2017

Tuesday dawned bright and sunny in New Orleans as Exceedance got underway.

More than 900 attendees joined Hemant and eight keynote speakers during the Exceedance General Session. Attendees learned how RMS continues to deliver on its client commitments with the launches of significant capabilities ranging from Version 17, including the new Version 17 RMS® North America Earthquake Model, Version 17 RMS® North Atlantic Hurricane Model, and Risk Modeler powered by RMS(one)®.

In addition to Hemant, Larry Orecklin from Microsoft took to the stage along with Emily Patterson, Mark Powell, Chris Folkman, Emily Grover-Kopek, Josh Ellingson, Ryan Ogaard and Eric Yau.

Tuesday Highlights

“Exceedance is a key part of our continuing dialogue with clients around their needs and priorities, discussing how we can better align to help meet their business goals.”

Hemant Shah, co-founder and CEO of RMS

Hemant demonstrated the superiority of the Version 17 North America Earthquake (NAEQ) Model through a personal anecdote. As you’d expect, Hemant ran the data on his own house through the model and found that his risk is down 27 percent on an expected loss with risk load factor. #lowerhemantspremium

Eric Yau announced that Risk Modeler, powered by RMS(one), will be ready for general availability in April, and described our continued commitment to RiskLink® as a standalone product, as well as being an integral part of the RMS(one) platform.

Josh Ellingson described how Risk Modeler will empower analysts to spend more time understanding the drivers of risk and applying their creativity to expand their book business by collapsing the manual processing of their modeling workflow.

Build Change

The Lab is Where It’s At!

With The Lab in full swing, attendees took advantage of the opportunity to engage directly with RMS experts – getting up-close insights and training on the RMS(one) platform, Version 17 North Atlantic Hurricane Model and North America Earthquake Model, and much more. It’s truly where the action is!

The Mini Theater

Not to be outdone by The Lab, the Mini Theater on Tuesday played host to three insightful and engaging presentations focused on building resilience in an ever-changing world. Topics included Enhancing Urban Resilience: Managing Risk to Critical Infrastructure; Stories from the Field: Nepal Impact Trek with Build Change, and Road to Coastal Habitats in Managing Natural Hazards.

Monday RMS Welcome Reception a Hit

Last night’s RMS Welcome Reception was a hit – and not just because of the live jazz music. The well attended two-hour welcome event included plenty of mingling, great discussions, and delicious bites.

Put on Your Mask and Come to the Party!

For those of you in attendance at Exceedance, join us in The Lab from 6:00 to 8:00 p.m. to celebrate our special New Orleans-themed masquerade (no costumes required, but masks will be provided). It will be a fun evening where you can engage with RMS leaders, scientists, and strategists as they reveal the latest RMS solutions.

Check back tomorrow for more highlights from Exceedance 2017!

 

Day One from New Orleans – Exceedance Is Under Way!

New Orleans is known for its unique cuisine (crawfish, anyone??), cool music (the birthplace of jazz), Mardi Gras (party!!) – and for the better part of this week – Exceedance 2017.

Exceedance 2017

 

 

 

 

 

 

 

 

 

Yes, Exceedance is finally here, and we’re looking forward to an exciting line up of informative sessions, up-close training, engaging speakers, and networking opportunities. For those of you who can’t join us at Exceedance this year, look for highlights on Twitter and here on the blog, as we publish throughout the event.

Welcome Reception

Get set to mingle tonight at the RMS Welcome Reception, from 6:00 to 8:00 p.m. in Vitascope and the 8 Block Bar at the Hyatt Regency. It’s the perfect venue to enjoy savory hors d’oeuvres, catch up with friends, colleagues, and RMS staff members, and soak up some authentic jazz.

Ready, Set, Go!

RMS has listened and worked closely with our clients to innovate the type of solutions that support their strategic business needs.  In 2017, we’re delivering on these commitments with a significant set of capabilities ranging from Version 17 (including highlights such as the RMS® North Atlantic Earthquake model and the RMS® North America Hurricane Model), to Risk Modeler.

Over the course of the next three days you’ll be able to choose from 105 sessions across 23 different tracks, three General Sessions, The Lab and Mini Theater with up close training that only Exceedance can offer. Exceedance is where the latest modeling, analytics, and technology all come together!

Don’t forget, you can check on events, tailor your schedule, review session times, set up meetings – all with the Exceedance 2017 Mobile App. If you haven’t downloaded it, go to your app store and search for “Exceedance”.

We’ll keep you posted via this blog on each day’s highlights, so check back. And welcome to Exceedance!

A Few Words About Exceedance Before You Go

If you are joining us in New Orleans for Exceedance 2017 in just a few days from now, I wanted to send a quick reminder of all there is to see and do, starting Monday with our pre-conference activities.

Get Ready for 22 Tracks, 105 Sessions, The Lab, Keynote Speakers, and Hands-on Training Opportunities

The Exceedance agenda reflects our commitment to deliver value to clients in a rapidly changing market, including new solutions to increase operational effectiveness, agility, resilience, and business growth.

You’ll have many opportunities to dive deep into more than 20 new models, including the RMS® North America Earthquake Model and the RMS® North Atlantic Hurricane Model, major advances in science, software, and HD-simulation models, The Lab, and more.

For information on the keynote speakers, tracks and sessions, and The Lab, visit the conference website exceedance.rms.com.

French Quarter New Orleans

All Work and No Play? Not at Exceedance!

Along with experiencing all there is to discover and learn at Exceedance, there are plenty of opportunities to relax and have some fun with the following pre-conference and evening activities:

  • RMS Welcome Reception: Get set to party as Exceedance kicks off in style with a jazz-flavored welcome reception on Monday evening.
  • Evening Reception in The Lab: Tuesday night offers a festive celebration of New Orleans’ tradition with a colorful masquerade party (masks provided) – in The Lab. You’ll also have a chance to engage with RMS leaders, scientists, and strategists as they reveal the latest RMS solutions.
  • Exceedance Party (EP) “A Taste of New Orleans”: Evening festivities conclude on Wednesday with “A Taste of New Orleans,” including three “can’t miss” hallmarks of New Orleans: Jazz Night Club, Mardi Gras, and Louisiana Cajun. Be ready to put on your dancing shoes and show us your voodoo…

Watch for Our Daily Blog During Exceedance

We will be posting a daily blog on these pages during Exceedance to give you a round-up of the highlights so far including sessions, The Lab, keynote speakers, special events, and more.  Please keep an eye out for it!

See you soon in the Big Easy.

Keynote Speakers Announced for Exceedance 2017

With Exceedance 2017 coming March 20 to 23, RMS has announced an impressive line-up of keynote speakers ready to provide their insights, ideas and inspiration to help attendees jumpstart their planning and adoption of new RMS solutions and model updates.
The ten keynotes cover a wide range of topics, including:

  • The Future of Modeling Powered by the RMS(one)® Platform: With the modeling base expanding to encompass new classes, speakers reveal the latest science and industry-leading advances in tools and data analytics, that will deliver breakthroughs in operational efficiency and business agility.
  • Risk management innovations for cyber, liability, global accumulation and exposure, and more.
  • Creating resilience in the aftermath of Hurricane Katrina, and the efforts that were made to rebuild Louisiana and New Orleans.

Here are a few of the industry leaders participating as keynote speakers:

  • Dr. Robert T. Reville, president and CEO, Praedicat
  • Hjörtur Thráinsson, modeling expert at Munich Re
  • Jeffrey P. Hebert, deputy mayor of New Orleans and the city’s first chief resilience officer
  • Tanya Harris, community outreach manager, Make It Right Foundation
  • Hemant Shah, RMS co-founder and CEO
  • Leading RMS experts including Dr. Robert Muir Wood, Dr. Andrew Coburn, and others.

sessions-image-EAlong with these keynote speakers, this year’s Exceedance will see more than 20 guest speakers share their insights, with experts and opinion formers from across the industry.

Throughout Exceedance, there will be many opportunities for interaction with model experts, up-close team training, networking opportunities, and so much more. In The Lab over 50 RMS scientists and modelers will offer technical insights and training – and can meet clients one-to-one for personalized support.

 

Exceedance 2017 will be here in three weeks. Make your plans to join us!

With the upcoming releases of Risk Modeler on the RMS(one) platform and Version 17 in April, this is an important year for RMS and our clients. If you’re not already attending, register for Exceedance now and experience 22 tracks, 105 sessions, and engage with 250 RMS experts – it’s four days of support and enablement to maximize success for you and your team!

For complete information on the keynote speakers, tracks and sessions, and The Lab, visit the conference website: exceedance.rms.com. Look for our next blog with more exciting Exceedance updates in the coming weeks!

Exceedance 2017 – Coming in Just a Few Weeks!

It’s hard to believe but Exceedance 2017 will be here in just a few weeks, and the excitement is building!

Exceedance_6Feb2Many companies are sending their cross-functional teams to fast track their ability to put new capabilities to work. And with good reason. With the releases of Risk Modeler on the RMS(one)® platform and Version 17 in April, attendees will experience more tracks (22) and more sessions (105) than in previous years.

There will also be many opportunities for interaction with model experts, up close team training, networking opportunities, and so much more. Enabling your success is the driving force behind Exceedance!

Here are some highlights of the topics we are preparing for you and your team:

  • Risk Modeler powered by RMS(one): You will obtain a deep understanding of the modeling and analytics that provide the core of the Risk Modeler workflow, including setting up analyses, creating structures and positions, and accessing models from multiple RiskLink® versions for key use cases such as change management, modeling reinsurance programs, and analyzing insurance portfolios.
  • Version 17 North America Earthquake: The changes to the North America Earthquake Models represent the latest view of risk across the U.S., Canada, and Mexico. We will provide the full scope of the update by delving into the model components, including our unique implementation of the latest source models from the USGS, directional loss changes by region and line of business, and detailed loss change exhibits.
  • Event Response: How did your business respond to Hurricane Matthew? Learn what we are doing to enhance RMS Event Response, including future offerings, making it work for your business, addressing the main challenges faced during a real-time event like Hurricane Matthew, and more.
  • U.S. Flood Model: Flood risk management is becoming an increasingly important peril to manage for the insurance industry in the U.S. We’ll provide the latest details on all model components, including the simulation-based model methodology, the innovative vulnerability components of the upcoming RMS U.S. Flood HD Model, and how best to capture opportunities in the evolving U.S. flood market.

The Lab at Exceedance: Solutions, Model Releases, and In-Depth Training with RMS ExpertsExceedance_6Feb

The Lab will be packed with our latest modeling and software releases, in addition to special areas dedicated to research from Horizons (RMS scientific publication) and resilience initiatives across the globe. Over 50 RMS scientists and modelers will be in The Lab to offer technical insights, training, and support – and will be available for personalized discussions.

There’s a Lot to Be Excited About

This is an important year for all of us in the industry, and RMS is ready to meet our commitments to you as we remain on track for a full schedule of delivery throughout 2017. If you’re attending, be sure to let your colleagues know about all Exceedance has to offer.

To see the full agenda with information about the tracks and sessions, The Lab, speakers, networking events, and more, visit the conference website at: exceedance.rms.com. You can also register for Exceedance here. Look for our next blog with more exciting Exceedance updates in the coming days!

Exceedance 2017 Sessions Have Been Announced

As our event team and subject matter experts continue preparing for Exceedance 2017 in New Orleans on March 20-23, we have announced the sessions for this year’s event.

With the release of Risk Modeler on the RMS(one)® platform and the Version 17 models in April, the Exceedance 2017 agenda is strongly focused on providing attendees with training and enablement that will strengthen their company’s operational effectiveness, agility, and resilience, and create new growth for their business.

 

 

Twenty-two tracks with 105 Sessions Focused on Software, Model Releases, and More

Each of the 22 tracks provide a deep dive into our 2017 modeling and software releases. Attendees will have the unique opportunity to learn, train, and interact with RMS and industry experts. They’ll come away with actionable insights into new model releases and software updates.

Selected track highlights include:

  • Version 17 North Atlantic Hurricane Model changes. The Version 17 North Atlantic Hurricane Model update spans from the Caribbean to Hawaii. It incorporates RMS reconnaissance and local market studies across regions, plus additional updates in the U.S. This track will hone in on the advances made since Version 15.
  • Version 17 North America Earthquake Model changes. The changes to the North America Earthquake Model are the most important in a decade and deliver the latest view of earthquake risk across three countries. Understanding the model changes will be critical to ensuring that today’s view of risk is brought to market in a timely manner.
  • New tools and solutions to help own your view of risk. Today’s view of risk is ever-evolving, and this track will focus on new solutions, tools, and key insights to address key market needs, including using RiskAssessor™ with Version 17 models.
  • High-definition modeling capabilities. High-definition (HD) models deliver the latest science and modeling capabilities beyond those currently available in the industry. Attendees can get hands-on with new HD models and understand the valuable enhancements they provide.
  • Exposure data, financial structures and positions on the RMS(one) platform. Learn how to manage your exposure data and financial structures and positions on the RMS(one) platform.

If you would like to learn more about all 105 sessions there’s more information here. To register for Exceedance, click here.

With 22 tracks, 105 sessions, and many opportunities to engage with RMS and industry experts to discuss your business imperatives and strategies, Exceedance 2017 is not to be missed. This year’s event offers the chance to join the discussion, learn more than ever before, and get a head start in the marketplace. Look for our next blog in the coming days!

Indonesia’s Protection Gap – How the Sumatra Earthquake Shows that Coverage Must Spread

On December 7, 2016, a shallow magnitude 6.5 earthquake struck northern Sumatra in Indonesia, severely damaging or destroying more than ten thousand homes and many businesses, as well as causing over a hundred deaths. The disaster struck a poorer area away from the major cities, where the standards of building design, construction methods, and material quality are not sufficient to withstand such an earthquake.

sumatra1

USGS Shake map for Mw 6.5 Earthquake

We have up-to-date research on local building design and construction practices in Indonesia, which we have incorporated into the latest version of the RMS® Indonesia Earthquake Model. This research was done last year when members of the RMS vulnerability team, including me, visited southeast Asia as part of the process to update the model. We held workshops with local earthquake engineering experts who practice there, and attended an earthquake engineering conference, as well as visiting commercial and industrial buildings, including those under construction, to see first-hand how they were designed and built.

sumatra2

A workshop with local experts

sumatra3

International Conference – Jogja Earthquake in Reflection (May, 2016)

This on-the-ground research provided insights into Indonesia’s rules and practices around construction, seismic design, code enforcement, as well as information on the relative quantities of different types of buildings in the country. We discovered significant differences between mainstream construction and those buildings covered by earthquake insurance, namely:

  • Past earthquakes have demonstrated that single family dwellings and/or low rise buildings are the most vulnerable building types compared to those built for commercial and industrial use, because of a lack of engineering design, poor construction, and lower material quality.
  • Buildings outside of major cities are mostly low rises and they may not be designed for earthquake risk.
  • Major cities such as Jakarta, Bandung, and Surabaya enforce a strict structural design review process for the construction of mid- and high-rise buildings.
  • Insurance penetration rates are higher for commercial and industrial buildings in and near major cities, with much lower penetration for residential properties in rural areas.

It’s perhaps not surprising that if poorer communities have less insurance protection, that they also cannot afford to invest in the higher quality construction that is designed to better withstand earthquakes. This is one of the primary reasons for the ‘protection gap’. As these countries become more developed, there’s the potential for that gap to start closing. In fact, Indonesia is one of the fastest growing economies in southeast Asia, with the property insurance and (re)insurance market expanding rapidly.

But as the earthquake disaster demonstrated, there are still many poorer regions with low insurance penetration which are also prone to repeated natural disasters. Sadly, there is still a long way to go before people in those places benefit from the resilience in their built environment which other, richer parts of the world may take for granted.

Exceedance 2017 Is Coming to New Orleans!

Welcome to the first in a series of blogs leading up to Exceedance 2017, March 20-23.

We’re looking forward to the event, which will be held at the Hyatt Regency New Orleans. Situated less than a mile from the historic French Quarter, and about a mile-and-a-half from Jackson Square, it’s a great location in the heart of the ‘Big Easy.’

This year’s theme, ‘Create Resilience,’ reflects the strength and spirit of New Orleans, including the tremendous progress made in the ten years since the devastation caused by Hurricane Katrina. Exceedance 2017 will emphasize how innovation, analytics, and ingenuity can create more resilience in our global catastrophe risk management practices.

Hands-On Training for Risk Modeler on the RMS(one) Platform and Version 17

With the release of Risk Modeler on the RMS(one)® platform and Version 17 upcoming in April, this year’s Exceedance schedule is focused on training and enablement. It’s the only place to get key insights into these new RMS releases – and be trained to assess risk more effectively.

Exceedance2017Exceedance will feature over 22 speakers and provide many opportunities to dive deep into more than 20 new models, including North America Earthquake, North Atlantic Hurricane, and major advances in science, software, and HD-simulation models.

The agenda is designed to provide attendees with all the information they need for our new solutions developed for a rapidly changing market. Solutions that will increase operational effectiveness, agility, resilience, and business growth.

Take Some Time to Have Some Fun

Along with experiencing all there is to see and learn at Exceedance, there are plenty of opportunities to relax and have some fun with the following pre-conference activities:

Golf at TPC Louisiana: Enjoy a round at TPC Louisiana, rated one of Golfweek’s “Best Courses You Can Play.” It’s a great place for you and your colleagues to experience a one-of-a-kind day on a championship golf course.

Tour the Lower 9th Ward: Join the Make It Right Foundation for a walking tour of the Lower 9th Ward. You’ll experience first-hand how innovative partnerships and community-led design sessions are transforming the neighborhood that was most devastated by Hurricane Katrina.

Horse-Drawn Carriage Ride and Cooking Class: Journey through the French Quarter by carriage, where you’ll pass through the city’s eighteenth- and nineteenth-century French and Spanish architecture. Then, satisfy your appetite with chef extraordinaire Amy Sins who will guide you through an interactive culinary experience that ends with a delectable meal.

Spirits and Spirits – an Evening Tour: Take a guided evening stroll through the spooky side of the old French Quarter. You’ll hear tales from the city’s storied history, and perhaps even encounter a ghost or two. Then enjoy local cocktail favorites at one of New Orleans’s oldest restaurants, a former Spanish armory.

To learn more about these events, visit the Exceedance website. If you’re ready to register, fill out your form.

Exceedance will be here soon, so look for our next blog in two weeks. It will include the latest information on the session tracks and content, as well as details of the keynote speakers.

Customers Adopt Solutions on the RMS(one) Platform

Exposure Manager, the first solution on the RMS(one)® platform, launched in July and has created great momentum in the market.

Insurance and reinsurance firms using Exposure Manager gain a clearer view of risk accumulations. With insight into their diverse set of exposures in both modeled and non-modeled regions, they are able to better manage exposure concentrations, and can help avoid private catastrophes.

Today, we announced that Mitsui Sumitomo Marine Management has chosen Exposure Manager to strengthen its risk accumulation management, taking a “big data” approach for dynamic exposure management. They are among the first in a wave of companies to adopt Exposure Manager to minimize blind spots in their risk portfolios.

Since July, we’ve been previewing some of the other solutions due out on the RMS(one) platform – from one-on-one meetings with clients leading all the way up to the main stage at Exceedance 2017 (registration is now open!). Our customers are in various stages of evaluating and adopting RMS(one) solutions and are excited to capitalize on the advantages that these solutions will bring.

As one of the many ways we are helping customers along their adoption journeys, we recently held our first Hack Event, Powered by RMS(one). Our customers in the London market attended a full-day session to understand their options, choose the right solution for their business goals, and map out adoption strategies. Due to the event’s success, we will be holding additional Hack Events in the coming months as we march toward releases for a full suite of solutions on the RMS(one) platform.

We will share more as customers continue to implement solutions on the RMS(one) platform and realize business benefits as we all work toward a common goal of building a more resilient global society.

Learn how to build portfolio intuition faster and access metrics that matter with Exposure Manager.

See How Quickly and Easily You Can Access the Exposure Metrics That Matter

Exposure Manager is a risk management solution that provides executives, underwriters, risk analysts, and other decision-makers with the exposure analytics needed to offer a comprehensive view of risk and understand loss potential.

As the first solution released on the RMS(one) platform, Exposure Manager was developed based on the understanding that organizations not only need quick and reliable assessments of exposure concentrations, but also the right tools to ensure they can access key metrics and insights.

The videos below illustrate two of the important capabilities that enhance users’ ability to build portfolio intuition faster and quickly access the metrics that are most important.

Build Portfolio Intuition Faster provides insights into how Exposure Manager enables customers to quickly and efficiently derive deeper portfolio insights using an intuitive and user-friendly interface.

With a customizable interface that conveys the information that’s most important to the user, Exposure Manager’s analytics, enabled by an intuitive best-in-class user experience, can be configured without knowledge of SQL or support from IT.

This enhances the ability for customers to create quick insights into their portfolio or perform a deep dive into their book to make quick assessments.

Access Metrics That Matter shows how Exposure Manager leverages the RMS financial model to provide an exposed limit metric. This offers a consistent view of loss potential to enable precise identification of loss drivers.

The flexible interface provides users with precise control to quickly make informed decisions about their book and help identify threats and opportunities in the portfolio.

All of these benefits allow customers to become more incisive about their portfolio.