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I recently saw a presentation by the U.K.’s Institute and Faculty of Actuaries (IFA) discussing a survey where 28 percent of respondents rated their current exposure management tools as poor; only 61 percent rated them adequate.

The survey also recognized two vital aspects of exposure management. On one side, identifying and minimizing losses through daily portfolio management and timely quantification of potential cat event losses. On the other side, informing growth strategy and looking at opportunities within risk appetite. An incomplete view of risk, the survey concluded, could result in potential unknown large losses or uncaptured growth, and it recognized that poor tools open the possibility of poor results.

Where Other Exposure Management Approaches Fall Short

If company-wide exposure management is imperative to success, what are the problems with the tools currently being used? Existing solutions struggle with the demands placed on them – many are on-premises, or were built for on-premises and are only now being moved to the cloud. They are limited both in the scale of available computing capacity and in the speed and performance required to analyze huge amounts of data.

When a cat event does hit and eyes turn to the exposure management team, their tools are sluggish and lack the agility to respond to rapid ad hoc queries. Crucial time and resource are taken up with menial tasks, such as loading cat event footprints into the tools, rather than the analysis itself. And then the reporting is in rigid formats, lacking flexibility to look at exposures differently from the set parameters.

ExposureIQ App: Powerful Exposure and Loss Analytics

RMS recognizes all of these problems and the importance that exposure management has on the performance of the business. The ExposureIQ™ application was designed and developed to take full advantage of the cloud and is on our risk analytics platform Risk Intelligence™. The ExposureIQ app provides the insights needed to optimize a portfolio, all supported by market-leading, science-backed RMS modeled data.

I am pleased to announce that later this year, the ExposureIQ app will provide clients with:

  • New cross-portfolio accumulations: You need to see the complete portfolio, not a siloed view that prevents you from viewing all potential losses. The ExposureIQ app is the first solution in the market that can manage both reinsurance and insurance workflows in one application. It enables users to easily build structures that represent business hierarchies in an intuitive way. Powerful enough to manage hundreds if not thousands of portfolios across an insurance and reinsurance business, the ExposureIQ app supports a comprehensive business-wide view of accumulations.
  • More powerful reporting: The ExposureIQ app sets your exposure managers free, so they can do both rapid ad hoc requests and regular reporting – in any way they want to do it. The in-app dashboard allows you to flexibly slice and dice a portfolio across a multitude of criteria, from geopolitical areas and geocoding resolutions to occupancy and construction. Then, simply generate total insured value or an accumulation metric, to confidently understand the drivers of loss. This advanced reporting functionality speeds up analysis and empowers portfolio managers to make faster informed decisions.
ExposureIQ screenshot
Image: RMS HWind in the ExposureIQ app
  • Closer-to-real-time event visualization: Maximize exposure management efficiency with integration of RMS Event Response and RMS HWind data through a new mapping module built into the ExposureIQ app. There’s no longer a need to load event data, so users can automatically access the latest event data, visualize events against exposures, and run accumulations – all within the application. This allows for faster decisions and supports more accurate loss estimates in event response.

Going for Growth Opportunities

As the IFA survey showed, businesses look to exposure managers for guidance on new growth markets and how to safely expand within their current risk appetite. Flood risk represents a truly global opportunity. World Bank data shows that flooding affects more than a third of the world’s land area, and this area accounts for 82 percent of population, including the world’s major centers. With the introduction of global flood maps as part of the overall RMS global flood solutions offering, ExposureIQ users can access modeled flood risk maps that cover 100 percent of property gross written premium.

The maps provide both short- and long-range exceedance probabilities and flood inundation depths to inform risk strategies. These maps are in addition to a suite of RMS flood models, including three just announced for China, Southeast Asia, and New Zealand – which together with the U.S., Europe, Japan, India, and the Philippines cover 80 percent of property gross written premium.

From saving time and increasing agility to delivering crucial insights for risk decisions, the ExposureIQ app is becoming a vital tool for insurers who are looking to outperform in a fast-moving, competitive environment. Find out more about how the ExposureIQ app delivers the future of exposure management.

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Shaheen Razzaq
Shaheen Razzaq
Senior Director, Product Management, RMS

Shaheen Razzaq has more than a decade of experience delivering risk management solutions to both insurance and reinsurance companies, currently as a Senior Director within Product Management at RMS, responsible for introducing innovative new applications to the market.

Prior to joining RMS, Shaheen was Risk Aggregations Business Unit Manager at Room Solutions Ltd., and led a department that designs and develops, Exact Advantage, a popular, next-generation offshore energy risk aggregation tool. At Room Solutions Ltd, he then went on manage 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 both catastrophe and non-catastrophe risk. Shaheen holds a master’s in business and information technology from Kingston Business School.

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