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Our partners in the insurance media have adapted admirably to the virtual world we all have currently found ourselves in, and I applaud the team at InsuranceAsia News for their livestreamed Awards for Excellence 2020 ceremony recently held on Twitter. On behalf of everyone at RMS®, and especially the teams focused on the Asia-Pacific region, we were delighted to receive the Risk Modeler of the Year Award for Excellence 2020. Although we can’t physically meet in person, this awards ceremony was especially significant during these challenging times. It brought the industry together to celebrate excellence and gave us a sense of normality.

InsuranceAsia News Award

For the InsuranceAsia News Risk Modeler of the Year award, the judges looked for the risk modeling firm that had the best approach to helping their clients adapt their models in the best possible way given the exceptional circumstances in the region.

Even with the challenges of a global team working through a pandemic, which all organizations can now recognize and appreciate, RMS has worked hard to first make sure our clients, many of which had to work from home, could continue with business as usual with regards to their modeling. And we didn’t stop our ambitious plan for this year – with new models for the Asia-Pacific region and new developments on our cloud-based platform, Risk Intelligence™.

Three New HD Models Focused on Asia-Pacific

RMS High Definition Models™ help clients to get a location-level view of risk through probabilistic simulation of tens of thousands of years of events, whether it is floods, earthquake, or wildfire. Three of the models we launched this year are focused on the Asia Pacific region. Two new HD models for Japan – earthquake and tsunami and typhoon and flood – build in the very latest view of risk and new sub-peril innovations all benefiting from the HD model framework. For typhoon and inland flood, the new HD model takes into account findings from the major 2018 and 2019 typhoons, together with dedicated modeling for inland flood.

The New Zealand Earthquake HD Model, incorporating our advanced liquefaction modeling after the Canterbury Earthquake Sequence and validated with billions of dollars of claims, has made a significant impact on the local market, allowing clients to move forward with location-specific, risk-based pricing.

These three models are available on the latest release of our cloud-based Risk Modeler™ application, with clients benefiting from a familiar and powerful workflow environment for evaluating, comparing, and validating all our models, both Detailed Loss Models (DLM) and HD risk models. Risk Modeler 2.0 offers simplified access to new modeling insight, helping clients understand their risk drivers and pinpoint new growth opportunities.

Continuing Investments in Model Science and Technology

Looking ahead, our commitment to invest more in model science and technology than any other company in the market will continue, supported by a global team of over 300 engineers, scientists, and technologists. This investment has never been more vital as risks are becoming more complex and interconnected, with the influence of systemic risk, climate change, cyber, and other factors.

Our quest is to deliver deeper risk insights. And investing in tools such as machine learning and artificial intelligence technologies now used in various areas – such as RMS Event Response – RMS solutions will move closer to helping clients manage risk events in real time.

Building flexible risk analytics operations that can cope with changing demand is a prime objective for many clients, especially with remote working becoming the norm during the pandemic. Our account management teams have helped manage analytics capacity constraints by seamlessly integrating support from our RMS Analytical Services team. Plus, we have also wholeheartedly embraced the webinar format to keep clients ahead of the latest developments – such as our recent “Outperform Down Under Series”, now available on demand.

This award for the inaugural Risk Modeler of the Year category from InsuranceAsia News will also sit alongside our recent award for Risk Modeler of the Year from the Reactions North America Awards 2020, which we won for the third consecutive year.

I’d like to thank the judges for their support and awarding us InsuranceAsia News Risk Modeler of the Year. We gratefully accept this recognition that even in challenging circumstances RMS had the best approach to help clients get the most out of their modeling. I would also like to express my sincere appreciation for the many RMS clients we have had the pleasure to work with over this past year. Their commitment to innovation is what drives us to help them outperform, and it has been an honor to serve them.

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Reactions North America Awards: We’re in Good Company

On Thursday, September 26, a contingent from RMS attended the Reactions’ 2019 North America (Re)Insurance Conference and Awards in New York. It was such an enjoyable event and it was a great honor to receive the North America Risk Modeler of the Year award. To win a Reactions award, you not only needed to impress the panel of independent judges, you also need market approval. Thank you to the judges and to everyone who took the time to support us. Karen White, chief executive officer for RMS, receives the Reactions North America Risk Modeler of the Year award Alongside us were many of our clients and partners who were either award nominees or winners on that night, including North America Insurer, Specialty Reinsurer, ILS Investment Manager, and Consultancy of the Year. Congratulations to our clients gaining recognition for great work. We are proud to be in such good company! Get Fit for the Future A key theme for this year’s Reactions event was “Future-proofing Your Business,” with a panel discussion on this topic moderated by David Brown, senior partner, regional insurance leader at EY. David was joined on the panel by: Jean-Paul Conoscente, president and CEO of SCOR Global P&C; Peter Wilson, CEO – Insurance, AXIS Capital; and Michael Millette, managing partner at Hudson Structured Capital Management. This panel offered a deep dive into forward-looking best practices from leaders in the insurance industry and shared how they are safeguarding their positions in an ever-evolving market. They understand that the industry is continuing to evolve, largely driven by new and emerging risks. But they admitted that it is still slow to change, and stressed the need to innovate over time, and take advantage of the new tools that are set to change the way business is done. First on the “to-do” list: the panel stated that businesses still need to become much more agile and efficient. New entrants by default will have low costs and new, efficient processes. Making a business more efficient and agile will help when facing both the anticipated (and unanticipated) competitive moves from businesses armed with innovative technologies, some of which will demand a total reevaluation of existing business models. New entrants will also use differentiation, tied to a deeper understanding of customers – and businesses need to use analytics to drive the required customer insight. But many insurers are not investing enough, having to balance today’s operational costs with the resources they need to innovate differently moving forward. Moving Forward with a New Open Data Standard Also at the conference, Ryan Ogaard, senior vice president for RMS, gave a presentation on the Risk Data Open Standard (RDOS), a new, open data standard set to be released early in 2020. Ryan outlined the limitations of current schemas designed decades ago, and although they are still venerable workhorses, they are now out of date. Current schemas are just not designed to accommodate new perils, increased data sets, and complex financial structures.   A flexible, modern data schema, the RDOS is set to drive value innovation through many parts of the industry. Designed to hold information on risk, including exposure, coverage, model settings, domain data, and analysis results, the RDOS is an extensible, flexible, and future-proof asset within modeling and analysis systems, and as an information interchange vehicle. Ryan stressed the fact that the RDOS is an open standard, which gives the market the code, tooling, and documentation to leverage this technology in their organizations, and to also use the RDOS to contribute and innovate, to drive towards the industry goals of increasing efficiency and agility. This was a very insightful conference, made even better not just by our award, but the fact we were in such good company, with our clients also receiving well deserved recognition for their work.

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Vivek Bajaj
Vivek Bajaj
Managing Director - Europe and Asia-Pacific, RMS

Vivek is RMS Managing Director for Asia, Japan and Continental Europe. Vivek has over 20 years of experience at the junction of financial services and advanced technologies working directly with C-suite executives to enable business transformation.

Prior to joining RMS, Vivek was Global VP for IBM’s AI Financial Services unit and has held leadership positions at Microsoft earlier in his career. He has a keen understanding of Asian financial services challenges and a passion for the industry.

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