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.
RMS launches new exposure management application focused on the portfolio manager – ExposureIQ on the new cloud platform, Risk Intelligence™.
The role of a portfolio manager is a demanding one. It represents a high-wire balancing act between managing profitability and growth on one hand and keeping within exposed limits and minimizing risk accumulation and potential losses on the other. It is the portfolio manager who must uncover the “hot spots” if an individual line of business, geography, or risk type is looking under pressure as a loss driver – and highlight the “cold spots” where segments have growth potential.
They are always under the watchful eye of regulators and governance functions who need regular reports to show that the business is sticking to its stringent boundaries and limits. And if all this wasn’t enough, they are also on the frontline when a cat event strikes and on duty throughout to regularly update and reveal the impact of the event on the portfolio before, during, and post-event.
democratizion of risk data is a core mission for RMS; to provide relevant,
timely risk insight to everyone who needs it, designed for every role in the
business, from those on the frontline of underwriting, through to those
responsible for the entire portfolio. Delivered through simple, elegant
applications, by ensuring relevant data gets to every area of a business you
can build empowered teams that can take effective decisions.
SiteIQ is a great example of this data democratization in action. This application pulls property results from RMS catastrophe models – and supported by qualified third-party data such as crime scores and fire protection measures, it provides an understanding of which hazards are applicable for each location at the point of risk-selection. Risk scores from one to ten, red-amber-green referral advice, high resolution hazard maps, and loss cost data – is all delivered in seconds.
Exposure Manager, the first solution on the RMS(one)® platform, launched in July and has created great momentum in the market.
Insurance and reinsurance firms using Exposure Manager gain a clearer view of risk accumulations. With insight into their diverse set of exposures in both modeled and non-modeled regions, they are able to better manage exposure concentrations, and can help avoid private catastrophes.
Today, we announced that Mitsui Sumitomo Marine Management has chosen Exposure Manager to strengthen its risk accumulation management, taking a “big data” approach for dynamic exposure management. They are among the first in a wave of companies to adopt Exposure Manager to minimize blind spots in their risk portfolios.
Since July, we’ve been previewing some of the other solutions due out on the RMS(one) platform – from one-on-one meetings with clients leading all the way up to the main stage at Exceedance 2017 (registration is now open!). Our customers are in various stages of evaluating and adopting RMS(one) solutions and are excited to capitalize on the advantages that these solutions will bring.
As one of the many ways we are helping customers along their adoption journeys, we recently held our first Hack Event, Powered by RMS(one). Our customers in the London market attended a full-day session to understand their options, choose the right solution for their business goals, and map out adoption strategies. Due to the event’s success, we will be holding additional Hack Events in the coming months as we march toward releases for a full suite of solutions on the RMS(one) platform.
We will share more as customers continue to implement solutions on the RMS(one) platform and realize business benefits as we all work toward a common goal of building a more resilient global society.
Exposure Manager is a risk management solution that provides executives, underwriters, risk analysts, and other decision-makers with the exposure analytics needed to offer a comprehensive view of risk and understand loss potential.
As the first solution released on the RMS(one) platform, Exposure Manager was developed based on the understanding that organizations not only need quick and reliable assessments of exposure concentrations, but also the right tools to ensure they can access key metrics and insights.
The videos below illustrate two of the important capabilities that enhance users’ ability to build portfolio intuition faster and quickly access the metrics that are most important.
Build Portfolio Intuition Faster provides insights into how Exposure Manager enables customers to quickly and efficiently derive deeper portfolio insights using an intuitive and user-friendly interface.
With a customizable interface that conveys the information that’s most important to the user, Exposure Manager’s analytics, enabled by an intuitive best-in-class user experience, can be configured without knowledge of SQL or support from IT.
This enhances the ability for customers to create quick insights into their portfolio or perform a deep dive into their book to make quick assessments.
Access Metrics That Matter shows how Exposure Manager leverages the RMS financial model to provide an exposed limit metric. This offers a consistent view of loss potential to enable precise identification of loss drivers.
The flexible interface provides users with precise control to quickly make informed decisions about their book and help identify threats and opportunities in the portfolio.
All of these benefits allow customers to become more incisive about their portfolio.
Hurricane Matthew is currently moving along the Florida coast with high winds, heavy rain, and a large surge. But as early as three days ago RMS clients were estimating their exposed limit in the path of the storm. How was that analysis generated?
On Thursday October 6 an RMS Exposure Manager analysis of the RMS 2011 Industry Exposure Database (IED) was performed. It found approximately $2.77 trillion of total insured value (TIV) exists within ZIP codes that had a five percent likelihood of experiencing hurricane-force winds – as forecast by the National Hurricane Center (NHC) while the storm was still a long way from the U.S. coast.
Clients were able to feed in insights from the RMS Event Response team to understand the breadth of potential industry losses. Even based on these early forecasts, it was clear this could be a significant event, as you can see from these videos.
Description: An accumulation analysis is performed against the RMS Wind IED based upon a view of postal codes, as of October 6, that have 5% probability or greater of experiencing hurricane force wind.
But whilst understanding how much the industry is exposed is important to a portfolio manager, understanding how much their own organization could lose is critical. This next video shows how clients used RMS Event Response output on October 6, two days before projected landfall, to quickly produce a range of exposed limit estimates by applying varying damage factors. With this insight, clients could understand how much exposure they have within the path of the storm using the RMS Financial Model in Exposure Manager.
Description: An accumulation analysis is performed against an E&S portfolio to calculate exposed limits using various damage ratios based upon a view of postal codes, as of October 6, that have 5% probability or greater of experiencing hurricane force wind.
Description: An accumulation analysis is performed against an E&S portfolio to calculate exposed limits using a shape file from the National Hurricane Center, which shows areas potentially affected by hurricane force surface winds (1-minute average <= 74mph) banded by probability.