RMS Announces RMS(one)™ will be Generally Available April 15
All RMS catastrophe models will be available on RMS(one) 1.0. ARA joins the growing RMS ecosystem of third-party modelers.
NEWARK, Calif. -
February 11, 2014 -
RMS, the world's leading catastrophe-risk management firm, today announced that it will release version 1.0 of RMS(one), the company’s exposure and risk-management platform, on April 15, 2014. All RMS catastrophe models, as well as select models from RMS ecosystem partners, will be available on RMS(one) version 1.0. In addition, only RMS(one) sets the stage for the new generation of high-definition models.
“RMS is on track to deliver a platform that will enable us to develop a more insightful and robust view of risk – empowering management, underwriters and analysts with the information they need, faster than ever before,” said David McComas, senior vice president, ERM, Tokio Millennium Re Ltd. “In today’s competitive marketplace it’s imperative that we have an in-depth understanding of risk information across a diverse range of data sources.”
Leading up to the April 15, 2014 general availability (GA) date, RMS worked with 1,000 people from more than 30 leading re/insurers and brokers worldwide to develop, test and validate RMS(one) through the company’s Joint Development Partner (JDP), Early Access Partner (EAP) and FastStart programs. On Feb. 25, 2014 RMS will launch the last beta test of RMS(one), which includes all of the major functionality that will be available at GA.
"As a true platform for exposure and risk management, our clients understand that RMS(one) is far more than just a next generation of catastrophe-modeling software,” said Hemant Shah, co-founder and CEO of RMS. “The on-time release of v1.0 will be a major milestone along a journey towards transformational benefits for our clients, and we are committed to supporting our clients every step of the way, putting them in control of how and when they adopt RMS(one)."
As an open platform, RMS(one) enables clients and other modeling organizations to implement their own catastrophe models so that they can be operated seamlessly alongside RMS models. This ability to run multiple models in a single platform will provide insurers and reinsurers with dramatic improvements in operational efficiency, enabling them to access and use models from a broader range of providers than has ever been feasible.
Joining the RMS ecosystem is Applied Research Associates, Inc. (ARA), which intends to make its U.S. hurricane catastrophe model available on RMS(one). ARA’s state-of-the-art hurricane catastrophe model, HurLoss, is one of only four commercially available models certified by the Florida Commission on Hurricane Loss Projection Methodology. The ARA hurricane model has been used in multiple pioneering studies on wind-loss mitigation for the past 15 years.
"Partnering with RMS to deliver our hurricane model on RMS(one) will provide significant, operational benefits for our clients," said ARA executive vice president, Dr. Lawrence Twisdale. "We are very excited by the opportunity to give our clients a new option for accessing the ARA model while we continue to deliver our model as either an ARA-hosted or client-hosted product.”
ARA joins third-party model providers Risk Frontiers, ERN and JBA Risk Management, who collectively are implementing catastrophe models for 40 peril/country combinations on RMS(one). This growing ecosystem of non-RMS models on RMS(one) provides clients with new modeling capabilities not currently available from RMS, as well as alternative views of risk in areas already covered by RMS models.
"We're very excited to see our Australia tropical cyclone model operational in the next RMS(one) beta release," said Dr. Foster Langbein, chief technology officer at Risk Frontiers. "We’ve been really pleased with the smoothness of the implementation process and the relative ease of preparing our models for the platform. We look forward to offering our full suite of models on RMS(one)."
“By empowering our clients to define their own models, use our models and access the models of growing ecosystem of partners, RMS(one) serves as the one true exposure and risk management platform. Existing solutions cannot do this," said Shah.
RMS models and software help financial institutions and public agencies evaluate and manage catastrophe risks throughout the world, promoting resilient societies and a sustainable global economy.