Loss Costs
Uncover the true cost of insuring a risk and avoid miscalculations with loss cost data.
The Cutting Edge of Data-Driven Underwriting
RMS Loss Costs are distilled from terabytes of catastrophe simulation data, enabling real-time, ultra-high-resolution insight. The RMS Location Intelligence API can provide this insight quickly, accurately, and with minimal technical overhead. Simply send an address or coordinates with optional details on building attributes and the API returns a loss cost. Full documentation is available to support the scientific assumptions underlying each metric, and API-based implementation is frictionless, simple, and fast.
Benefits
Avoid Mispricing
Pricing is a mission-critical part of insurer operations. Getting it wrong can be disastrous. Cat pricing is even more difficult due to a lack of historical claims. By using the best cat analytics at the point of underwriting, you can avoid this problem. RMS loss cost data delivers that insight.
Streamline Automation
The RMS Location Intelligence API pre-compiles big data simulations so you can have them at your fingertips. This allows users to access industry-leading model science in real time to help underwrite and price risks accurately.
Account for Vulnerability
Today, too many risk selection and pricing metrics are based on hazard-only scores. The problem is, vulnerability matters: Brick houses perform well in fires but poorly in earthquakes. RMS Loss Costs, calibrated on billions of dollars of claims, are vulnerability-specific to meet this need.
Increase Transparency
Don’t rely on black-box data for your pricing needs. RMS Loss Costs are provided for structure, contents, and business interruption – with full documentation on the upstream simulations that created them.
Available Perils
- Earthquake
- Flood
- Hail
- Storm Surge
- Terrorism
- Tornado
- Wildfire
- Wind
- Winterstorm
Deductible Support
Need to provide multiple deductible options? Use our fast API to get the deductible-adjusted results in milliseconds.
Related Products
Resources
The Data Difference
The value of data as a driver of business decisions has grown exponentially as the importance of generating sustainable underwriting profit becomes the primary focus for companies in response to recent diminished investment yields. Increased risk selection scrutiny is more important than ever to maintain underwriting margins. High-caliber, insightful risk data is critical for the data analytics that support each risk decision The insurance industry is in a…
Underwriting With 20:20 Vision
Risk data delivered to underwriting platforms via application programming interfaces (API) is bringing granular exposure information and model insights to high-volume risks The insurance industry boasts some of the most sophisticated modeling capabilities in the world. And yet the average property underwriter does not have access to the kind of predictive tools that carriers use at a portfolio level to manage risk aggregation, streamline reinsurance buying…
Learn More With a Demo
