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.
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.