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Insurance Solutions

Formerly Moody’s RMS

This time last year, we celebrated passing a major milestone when we reached over one hundred customers using Moody’s RMS Intelligent Risk Platform™ (IRP) and associated applications.

We saw customers across all major geographies, including Europe, the Americas, and Asia, and insurers, reinsurers, and brokers all modeling their accounts, portfolios, and underwriting on our platform every day. The platform then saw hundreds of millions of commercial and residential locations being analyzed daily.

A year on, this feels like a good time to provide an update on the progress we have made with Intelligent Risk Platform adoption.

I am delighted to report that as of January 2024, within one year we have more than doubled the number of customers using the Intelligent Risk Platform, surpassing 250 customers.

In terms of customers, the majority are within the insurance industry, but what is interesting in terms of platform adoption is that over the last twelve months, we have seen many customers from beyond the insurance industry.

From the financial services sector, including banks, asset management, and investment companies, through to the real estate sector and commercial real estate management businesses, we are attracting a diverse clientele who are all using the Intelligent Risk Platform as a versatile risk analytics platform.

Whether it is portfolio management – examining the impact of a range of climate risks and other perils on a property or asset portfolio, to helping banks and asset managers inform credit risk decisions, there is a tangible and growing need for the insights that the Intelligent Risk Platform and its applications provide.

Risk Modeler

One of the core applications on the platform is Risk Modeler™. Customers using Risk Modeler benefit from advanced risk modeling – including our latest high-definition (HD) models.

The application capitalizes on the fast, powerful, and highly scalable data architecture that underpins the IRP. This ensures rapid modeling speeds, robust financial modeling, superior performance, and 24/7 availability, allowing financial institutions to assess risk at the location level with precision.

It was a conscious decision on our part to ensure that Risk Modeler was designed based on a deep understanding of customer requirements, to easily integrate with other on-premises applications, and to provide integration with other cloud applications through open APIs and export services. This has given customers greater flexibility and choice and leveraging the latest technological innovations.

New IRP Developments Delivered During 2023

We have also introduced major new developments during 2023.

One focus area is to help customers use their choice of models on the IRP – regardless of vendor.

Risk Modeler can run more than four hundred Moody’s RMS models, but to accelerate open risk modeling and break down barriers between different vendor model data schemas, during 2023 we announced that more than three hundred models across multiple regions, perils, and lines of business will be available in the Nasdaq platform using our common cloud platform.

Working across multiple exposure formats like EDM, CEDE, and OED has gotten easier with new capabilities in the platform that enable native import for all these exposure formats.

Data transfer between parties is also now simplified with the introduction of our Risk Data Exchange capability, allowing secure and compliant transfer of data files using the IRP.

Risk Modeler has enjoyed extensive adoption across insurers, reinsurers, and brokers, together with increasing numbers of financial services companies seeking to analyze climate risk on their products, assets, and investments who are also leveraging its powerful capabilities.

Ensuring all functions across a business are served with powerful applications, all using the capacity, speed, and availability of the Intelligent Risk Platform – and all sharing a live, up-to-date ‘golden’ data set greatly extends the value of the platform.

Our integrated applications like ExposureIQ™, UndewriteIQ™, and TreatyIQ™ have also gained great traction, empowering portfolio managers with accumulation analyses, and assisting with account and treaty modeling and pricing.

One example is ExposureIQ, our exposure management application, which helps exposure managers respond to live peril events, as the latest event response data is fed directly into the Intelligent Risk Platform to generate near-real-time exposure reporting.

Another example is UnderwriteIQ, which is a great modern replacement for customers using Moody’s RMS Risk Browser. UnderwriteIQ workflows integrate with Risk Modeler to unify portfolio modeling and account modeling workflows, ensuring catastrophe modelers and underwriters use a synchronized view of risk.

With the Intelligent Risk Platform now processing throughputs of billions of modeled locations monthly, the platform delivers robust, secure risk modeling at scale and speed, and provides a sound foundation to continually roll out innovations that address new client needs.

Our client testimonials also reflect the breadth of usage of the platform and its applications, from core modeling, exposure management, and support for underwriting with risk data via our APIs, to assessing climate and environmental, social, and governance (ESG) risk.

Last but not least, with our innovation center, Risk Labs, the platform also continues to show some of our early work to customers looking to experience our cutting-edge innovations on Generative AI-augmented experiences as well as new programmable experiences like Risk Data Lake.

We will continue to innovate the Intelligent Risk Platform and its applications, led by customer needs, and help address the challenges our customers face. We are excited to see how our expanding client ecosystem responds and capitalizes on our ambitious innovation plans for the year ahead.

Visit Moody’s RMS website to find out more about Risk Modeler, ExposureIQ, UnderwriteIQ, TreatyIQ, Location Intelligence API, Climate on Demand, and Risk Labs.

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Cihan Biyikoglu
Cihan Biyikoglu
Managing Director - Head of Product for Moody's RMS

Cihan Biyikoglu is the Managing Director - Head of Product for Moody's RMS, responsible for product management across the full suite of Moody's RMS models and risk management tools. He has extensive experience in leading product management for innovative machine learning and big data analytics solutions at Fortune 500 companies over the last 20 years.

As a former Vice President of Product at Databricks and Redis Labs, Cihan developed the product strategy and road map for open-source technologies such as Apache Spark and Redis and respective enterprise offerings in the public and private cloud platforms.

Cihan also worked on products at Microsoft, Couchbase, and Twitter, where he focused on on-premises and cloud offerings in the data and analytics space. At Microsoft, Cihan focused on the incubation of the Azure Cloud Platform in its early days and the SQL Server product line, both of which have grown into multi-billion-dollar businesses for Microsoft.

Cihan holds several patents in the data management and analytics space, and he has a master’s degree in database systems and a bachelor’s degree in computer engineering.

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