It has been great to see so many industry people in Washington, D.C. for Exceedance this week, talking about catastrophe risk management, RMS(one), and the ecosystem that is developing around it.
This morning we heard from Hemant Shah and other keynote speakers discussing technological advances within the industry and beyond, and then I had the opportunity to share with our audience the latest developments in the RMS(one) ecosystem.
Today we welcomed five new modeling partners – Catalytics, CatRisk® Solutions, COMBUS, OYO Group, and QuakeRisk – who are implementing probabilistic catastrophe models on RMS(one) that will be made commercially available to RMS(one) users.
One metric I was excited to announce is that with the addition of these new partners, the total number of fully probabilistic models that will be available on the RMS(one) platform is now nearly 300. On top of the RMS model suite, the more than 100 models being implemented by other modelers – including previously announced partners ARA, ERN, JBA, and Risk Frontiers – will significantly extend the coverage of models available on RMS(one) to new geographies and perils while also bringing additional views of risk to areas already modeled.
Equally exciting, we can now declare victory on the successful implementation of our first partner models, with models from ERN and Risk Frontiers now running on RMS(one).
Mario Ordaz, president of ERN, joined me on stage this morning to talk about ERN’s experience implementing their Mexico earthquake model on RMS(one). A decade ago we explored together the possibility of them implementing that model on RiskLink, but concluded that it would have been impossible without ERN compromising on their unique modeling approaches in order to fit their model into an RMS modeling framework. It was gratifying to hear Mario describe on stage today how ERN has implemented its complete Mexico earthquake model intact on RMS(one), maintaining its integrity and validating that our architecture enables modelers such as ERN to leverage RMS(one) as a platform without having to accept any technical constraints on their models.
For the first time in the history of this industry, insurers, brokers, and reinsurers can operate models from multiple providers on a single platform. This brings enormous operational efficiencies, and even more importantly, it enables our clients to access models from a much wider range of providers than has ever been feasible before and to develop a more complete and robust understanding of risk.
For our partners, this presents an opportunity to grow their specialist modeling businesses. Many of our partners do very little business outside of their local insurance markets, and RMS(one) now makes it possible to effectively deliver their models to the global insurance and reinsurance markets.
Indeed, the ultimate health and success of the RMS(one) ecosystem will not be measured by the number of models implemented on RMS(one) but rather by the number of successful modeling businesses built on it. Judging by the numerous clients engaged in discussions with the modeling partners who are here with us at Exceedance this week, we are off to an encouraging start.