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Insurance Solutions

Formerly Moody’s RMS

On behalf of RMS®, I am delighted to accept the Risk Innovation of the Year award from InsuranceERM. What is so encouraging is that the judges recognized the significant innovation behind our exposure management application RMS ExposureIQ™, one of a range of applications available on the RMS Intelligent Risk Platform™.

InsuranceERM 2022 Risk Innovation of the Year Award

Support for Exposure Managers

Exposure management is a function ripe for innovation. As a business, we took the time to fully understand the pressures that exposure managers face daily. They have a pivotal role within a (re)insurer. They help the business identify new growth opportunities and highlight risk accumulation hot spots – providing advice about taking on new business and its impact on the overall portfolio. In addition, when a catastrophe strikes, all eyes are on the exposure management team as the business wants to know the loss impact of an event, in near real time.

In our discussions with exposure managers, we understood that they needed robust, high-performance tools that both help explore portfolio risk and can act as a central hub for event response. Unfortunately, many existing tools aren’t providing the insights needed and can’t keep up with new analytical demands in terms of the scale, speed, and depth of analysis that are all essential to a modern exposure manager. Existing tools are still too labor intensive, turning exposure managers into data handlers, requiring multiple systems that are complex and cumbersome.

The ExposureIQ application is making a major difference for our clients. As an RMS Intelligent Risk Platform cloud-native application, it leverages all of our rich science as well as the platform’s scale and performance, able to capture vast amounts of data and compute power to run complex deterministic scenarios.

Latest ExposureIQ Application Innovations

With the most recent ExposureIQ release, our innovation focus turned to managing potential losses across both insurance and reinsurance. We invested in enhancing our financial model, so the ExposureIQ application now allows customers to capture complex inward reinsurance contracts and build accurate representations of their outwards reinsurance. Customers can access true “net of reinsurance” accumulation metrics, which allows them to view how potential losses would flow through their business.

In addition, our latest release incorporates new, powerful reporting functionality, delivering portfolio analysis for building occupancies and construction types. This helps customers see what is driving losses, as well as new innovations for rich mapping and reporting visualization. They can quickly view risk accumulations and drill down to key loss drivers. And during a catastrophic event, our RMS Event Response teams flow in event footprints directly to the ExposureIQ application.

Tropical cyclone events have the potential to deliver surprises. To help exposure managers make sense of events, RMS HWind real-time forecasting capabilities are integrated into the ExposureIQ application. RMS HWind provides unique insights for the current size and strength of a tropical cyclone event in the North Atlantic Basin, together with an ensemble forecast to gauge an event’s potential impact. This is all provided through our powerful mapping module, allowing users to understand how a catastrophic event impacts their portfolio.

As a cloud-native application, ExposureIQ – like other applications available on the Intelligent Risk Platform such as our modeling application Risk Modeler™ – is constantly evolving with new functionality being regularly rolled out and automatically available to clients.

We are really inspired by the recognition from InsuranceERM and receiving its Risk Innovation of the Year award. We look forward to driving innovation through both our scientific and technological developments  –  to ensure risk insight is always available to empower business decision-makers across an insurance business. Find out more about ExposureIQ, or contact our sales team for a demonstration.

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