The April release of Risk Modeler 1.11 marks a major milestone in both model science and software. For the first time at RMS, a complete high-definition (HD) model – the RMS U.S. Inland Flood (USFL) HD model with integrated storm surge, and an accompanying model validation workflow are now available to all users on the new platform. It also marks the release of exciting new capabilities including auditable exposure edits and data access via third-party business intelligence and database tools.
What is Different About Model Validation on Risk Modeler?
For the USFL model to produce detailed insights into risk, it must realistically simulate the interactions between antecedent environmental conditions, event clustering, exposures, and insurance contracts over tens of thousands of possible timelines. That requires a new financial engine, a more powerful model execution engine, and a purpose-built database to handle the processing of and metrics calculation against the vast amounts of data that an HD model produces. Although the current RiskLink solution can perform some of these tasks and processes well and efficiently, Risk Modeler was especially built for these new requirements.
In addition to simply running this next-generation model, Risk Modeler has several features to quickly surface insights into the model and ultimately allow users to make business decisions faster.