Many RMS colleagues attended the recent Reactions North America Awards 2020, admirably hosted by Shawn Moynihan, the magazine’s Editor-in-Chief. The virtual awards ceremony was a great opportunity for the industry to come together and celebrate exceptional achievement in what has certainly been an unusual year. And on behalf of RMS®, I am delighted to receive the Reactions North America 2020 Award for “Risk Modeling Company of the Year.” I know that to win this award you need support from both the independent judges and from the market, so it is great to know that the work of all my RMS colleagues is recognized.
This is the third consecutive occasion that RMS has been named as Reactions North America Risk Modeling Company of the Year. Receiving three awards in a row seems to signal that we’re doing something right. What sets us apart?
RMS is committed to investing more in model science and technology than any other company in the market, to ensure that we continue to bring the newest science, innovations, and the highest quality views of risk to the market. We believe this commitment will become even more apparent and valued in the coming five years as risks becoming more connected, more complex, and more influenced by climate change, cyber, systemic risks, and other factors.
Our core strength lies with our global development team of over 300 scientists, engineers and technologists, working on models for multiple perils, both manmade and natural. Thirty years of experience in developing products has enabled critical scientific innovations to be incorporated within our model suite, such as a new high definition (HD) modeling framework. This improves the fidelity of results at the location level and thus risk selection and underwriting for high hazard gradient perils such as flood and wildfire. RMS also renews and updates its model suite constantly, through both incorporating new innovations and when a new catastrophe provides additional data, ensuring that models reflect the most current and comprehensive view of the risk.
We use machine learning and artificial intelligence technologies in various areas, for example, in loss calibration and validation, image processing and event response. Partnerships with academia and the industry enable us to access claims data and deep scientific and market knowledge, both critical for all parts of the models. The quality of our research holds up to scrutiny from top scientists in the world, with over 100 peer-reviewed scientific articles published by RMS modelers in respected journals.
RMS has also led the industry charge for greater access to model assets and full model transparency, which is so important for our clients when adopting a new or updated model into production. By providing a large range of model options and sensitivity tests alongside extensive documentation and support, we are unique in the market through our facilitation of independent validation procedures.
When catastrophes hit, our clients need us most. The RMS Event Response teams, all dedicated scientific and engineering professionals, monitor and respond to events 24/7. Our response process, which has been refined and enhanced over decades, has led to accurate and timely products and services for managing risk in real-time.
The accuracy of our event response loss estimates underlines the quality of our models. These estimates help clients understand the impact of events on their book of business (for example, after all the major 2017, 2018, and 2019 hurricanes and typhoons.) Event response at RMS means more than just responding to events. We have expanded to forecasting prior to impact based on RMS HWind technology.
Looking at the businesses that were nominated or won an award across a range of categories, we also know that we are in good company, with many RMS clients and partners gaining recognition. Congratulations to the many finalists and winners.
Clients are on a transformational journey to use deeper risk insights and then to move quickly, taking advantage of new market growth opportunities. RMS is there together with clients, with a pivotal role in this endeavor, and new technology is vital to support this transformation. With RMS Risk Intelligence, an open standard, cloud-based platform, clients are now adopting new risk insights faster than ever before. Applications such as Risk Modeler are helping clients embrace HD models to get a granular, location-specific analysis that allows for risk differentiation, a crucial advantage in this transforming industry.
The awards were part of the Reactions North America Re/Insurance Week, with three days of exceptional webinars from across the industry. My colleague Robert Muir-Wood, chief research officer at RMS, took to the virtual stage with a webinar entitled “Applying New Science and New Data to Risk Modeling” and highlighted six areas where new science and new data can be applied to risk modeling, from flood to pandemic. As always with Robert, this is a fascinating presentation, with lots of new thinking and science insights which could shape future risk modeling approaches. You can register to watch Robert on-demand.
Thanks again to everyone at Reactions for an exceptional virtual week, and for the judges and those who voted for RMS. For all our clients who were nominated or won awards, congratulations. We’re delighted that our clients are being recognized for their continued success.