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Insurance Solutions

Formerly Moody’s RMS

If on-the-ground underwriters can get risk insight instantly – and can make a quick check simply by entering a location rather than waiting for a risk analyst or trying to gather public data themselves, it has the potential to radically improve underwriting performance. We are seeing this change beginning to happen with SiteIQ, a recently launched application that utilizes the RMS open platform – Risk Intelligence™.

SiteIQ uses our trusted risk model data – the same data used across a client’s organization, to deliver hazard risk scores instantly for a location, to help underwriters make better decisions on whether to reject, accept or refer a risk for further analysis. Using the same risk data throughout means that new risks reflect a business’s acceptance criteria, bringing harmony to the book of business.

By making SiteIQ quick and simple to use, underwriters see it as a useful tool in their armory, knowing they can get valuable, modeled risk insight whenever they need it. The breadth of the instant insight adds to its usefulness, covering many available perils, with outputs including risk scores, loss costs – all presented in a highly visual, intuitive app.

We keep going back to users to find out how they are using SiteIQ and what they would like to see in terms of developments. And, in its first few months since launch, thanks to client feedback, RMS has now released the third iteration since launch – SiteIQ version 1.3.   

SiteIQ instantly shows risk insight using clear, easy-to-understand visuals

More Hazard Layers, More Flexibility, Greater Functionality

What has been interesting to observe is how users want to extend the functionality they get from SiteIQ. Whether it is to access new hazard layers, add or adjust building attributes for a specific location or incorporate deductibles into loss costs, users want to get more power and control from the application. Here are some of the many improvements and additions recently rolled out to SiteIQ users:

  • Loss Cost Values: SiteIQ allows a deductible type and deductible value to be entered, to calculate the Ground Up Loss Cost (Loss Cost today) and the Total Location Gross Loss including deductibles for all U.S. and Canada locations and their related perils.
  • Multi-Location Support: Users want to flow more locations through SiteIQ, and the new version allows deductible type and value to be included in multi-location data imports. Multi-location reporting now includes location details, risk scores, loss costs and hazard lookup values, with reports easily exported to a CSV file, allowing underwriters to feed downstream systems so they can curate the information they used when making their initial underwriting decision.
  • Quick Select for Hazard Layers: With SiteIQ always adding new hazard layers – from South America Liquefaction to a defended view of Taiwan flood risk, and much more, the new version makes it easier for users to select and access multiple layers quickly.
  • Easier Search: SiteIQ was already a simple-to-use application, and now by using the Google Places API, it’s even easier. Simply search for popular locations such as ‘Willis Tower Chicago’ or ‘Mall of Asia’ without the need to type out full addresses.
  • Street View: Just like using Google Maps on your laptop, SiteIQ now incorporates Google Street View within the map pane rather than a separate tab, which helps to improve search, verify actions and improve the user experience.  

Capturing the most accurate attributes for a building at the point of underwriting will ensure the most accurate risk analysis. For insurers writing U.S. business, users can now take control of the primary characteristics for a building, to overwrite or supplement the details in terms of occupancy, construction year built, number of stories etc.   

For an additional charge, users can take advantage of the RMS ExposureSource database, to populate all available fields and ensure the best attribute data is included right at the start of the underwriting process. And being a cloud-based app on Risk Intelligence, all these new developments are simply rolled out for the benefit of all users.

SiteIQ gives confidence to underwriters and reassurance to the wider business, and it is exciting to see how it is being used, and where users want it to evolve to in the future. What we are also finding is that this app is certainly not just for underwriters, SiteIQ is seen as a real liberator of risk data – applicable for many sectors. For instance, SiteIQ is now helping real-estate companies to “risk check” a location as part of the financing process.

If you’ve not tried SiteIQ yet, whether you are an underwriter or not, click here to find out more and arrange a demonstration, and we would also appreciate your feedback to help us to develop and evolve our application.

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Shaheen Razzaq
Shaheen Razzaq
Senior Director, Product Management, Moody's

Shaheen has over a decade of experience delivering risk management solutions to insurance and reinsurance companies. As a Senior Director within Product Management at Moody's, he is responsible for introducing new, innovative applications to the market.

Before joining Moody's, Shaheen was Risk Aggregations Business Unit Manager at Room Solutions Ltd. and led a department that designed and developed Exact Advantage, a popular, next-generation offshore energy risk aggregation tool. At Room Solutions Ltd, he then managed a global development team that built and successfully implemented several contract and exposure management solutions for large European commercial insurance organizations.

As a regular speaker at industry events, Shaheen often gives presentations about the business value technology delivers to organizations that manage catastrophe and non-catastrophe risk.

Shaheen holds a master’s in business and information technology from Kingston Business School.

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