RMS Releases The First Auditable Custom Vulnerability Modeling Solution
RiskAssessor™ enables the insurance industry to generate a more distinct and expansive view of hurricane risk in real-time to enhance underwriting processes and risk management
NEWARK, Calif. -
June 29, 2017 -
RMS, a leading global risk modeling and data analytics firm, today announced the release of RMS RiskAssessor™ 2.0, an engineering-based technology developed for insurers and reinsurers to integrate their own distinct view of vulnerability into their modeling workflows. This open modeling framework enables users to generate a new vulnerability risk currency that can then be easily shared across the market.
“Insurance companies today face an intensely competitive market that requires a more informed approach to pricing and risk differentiation, however, today’s catastrophe models face limitations. Our clients want to distinguish themselves from the pack and with RiskAssessor™ 2.0 they have the opportunity to represent their own unique views to enhance their insights and maximize profits,” said Michael Young, senior director, product management at RMS. “RiskAssessor™ 2.0 brings a fully featured ability to embrace custom vulnerability modeling for the key peril of Atlantic hurricane risk that companies have not had before, and we look forward to expanding this capability to other perils and regions in the near future.”
The open vulnerability modeling functionality in RiskAssessor™ allows insurance companies to do one of two things:
Companies that are investing in detailed loss control inspections can turn proprietary inspection data into actionable risk assessments or pricing decisions via the 56 distinct wind-related variables and the RMS virtual wind tunnel technology included in RiskAssessor™ 2.0
Other companies may choose to take advantage of the flexibility of the custom vulnerability modeling framework to create new classes of risk tuned to their unique business profiles
Regardless of the use case, the value of the custom view of risk can be shared with other risk transfer partners in the market because it allows users to store and share custom vulnerability curves directly from within the RMS Exposure Data Module (EDM). RiskAssessor™ 2.0 unlocks these custom vulnerability capabilities for all RMS modeling workflows including RiskLink®, RiskBrowser® and now, Risk Modeler on the RMS(one) platform.
Learn more about how RiskAssessor™ 2.0 can enhance your view of risk here.
RMS solutions help insurers, financial markets, corporations, and public agencies evaluate and manage catastrophe risks throughout the world. We lead an industry that we helped to pioneer—catastrophe risk modeling—and are delivering models, data, and risk management solutions on the RMS(one)® platform to transform the world’s understanding and quantification of risk through open, real-time exposure and risk management.
More than 400 insurers, reinsurers, trading companies, and other financial institutions trust RMS solutions to better understand and manage the risks of natural and human-made catastrophes, including hurricanes, earthquakes, floods, terrorism, and pandemics.