Washington, D.C. - April 15, 2014 RMS, the world’s leading catastrophe risk management firm, today announced partnerships with modeling companies Catalytics, CatRisk® Solutions, COMBUS, OYO Group and QuakeRisk. The addition of these partners to the RMS(one)™ ecosystem, the first of its kind in the industry, brings the total number of fully probabilistic models that will be available on the RMS(one) platform to nearly 300. Access through a single platform to the most extensive catalog of probabilistic models in the industry enables companies to build a more complete and robust view of risk while achieving substantial operational efficiencies in areas including underwriting and portfolio management.
The new ecosystem partners join four existing third-party modelers: U.S. hurricane modeler Applied Research Associates, Inc., flood modeler JBA Risk Management, Latin American specialist ERN and Australia and Asia Pacific specialist Risk Frontiers. Collectively, the nine ecosystem partners are implementing 104 probabilistic catastrophe models on RMS(one) which will be available to RMS(one) users alongside the RMS global model suite.
The first ERN and Risk Frontiers models are already implemented and available on RMS(one).
Mario Ordaz, president of ERN, said, “RMS(one) is the only platform I know of that has clearly been architected to be both open as well as flexible enough to accommodate the unique aspects of any catastrophe model. We have successfully implemented our Mexico earthquake model, which uses unique modeling approaches to simulate complex ground-motion behavior in the Mexico City area. The implementation process was very easy and we were able to maintain the full integrity of the model while at the same time taking advantage of the RMS financial model and high performance computing infrastructure.”
“Our Australia cyclone model is now running on RMS(one) and we expect to have the remainder of our Australia model suite completed soon, said Risk Frontiers’ Managing Director John McAneney. “The implementation of our models on RMS(one) was very straightforward. RMS has invested in specialized developer tools such as its Model Development Kit (MDK), which greatly facilitate the model implementation process for partners.”
“RMS has pioneered and is building an enduring ecosystem of risk-management capabilities. With the successful implementation of the first partner models, our clients can now, for the first time in the history of this industry, run models from multiple providers on the same platform,” said Paul VanderMarck, RMS chief products officer. “We are pleased to welcome our newest partners who will extend even further the range of catastrophe models available to our clients, while at the same time providing them with opportunities to grow their specialist-modeling businesses in ways that weren’t possible before.”
Because RMS is the only company in the industry that has actual implementations of third-party models on its platform, RMS clients are recognizing the value that RMS(one) brings to their organizations today.
“RMS(one) has the potential to be a game changer for the entire enterprise-risk management value chain: from brokers to insurers to reinsurers,” said Donald Light, director of Celent’s Americas property/casualty practice. “It is a purpose-built, SaaS and cloud-based risk management platform that is open to data, models and analytic engines from any market participant. It creates an open ecosystem that puts more analytic capability into the hands of a broader group of users.”
"At Willis Re, we are pleased to take the initiative and innovate with RMS(one), providing our clients with even greater model transparency, a wider range of options across RMS' ecosystem, and the capability to develop and deploy our own proprietary analytics," said John Cavanagh, CEO of Willis Re.
RMS continues its commitment to industry innovation as it grows the RMS ecosystem and works with its partners and clients to develop models for the entire risk-management value chain.
“Initially, our ecosystem partners are heavily focused on catastrophe models,” said Hemant Shah, co-founder and CEO of RMS. “We are committed to working with our partners to develop a wider range of models for the growing classes of exposures.”
"We have selected RMS(one) as our core platform for exposure management and it will be tightly integrated with our underwriting system,” said Dr. Torsten Jeworrek, CEO of Reinsurance at Munich Re. “As a Joint Development Partner, we are collaborating with RMS to ensure the platform is architected to meet our needs across all key classes of exposure, not just what can be modeled today."
“The unique capabilities of RMS(one) as an open, cloud-based platform are enabling us to develop and bring to market a completely new suite of fully probabilistic models that will provide new views of risk for several traditionally non-modeled perils in Australia,” said Will Gardner, managing director at COMBUS.
“The RMS(one) platform will enable us to significantly extend the reach of our models to the global insurance and reinsurance community,” said Adi Hazan, chairman at Catalytics. “This will ensure that our clients in markets such as Indonesia and the Philippines can get maximum value from our models by enabling richer, technical dialog with their counterparties, while helping us to grow our business at the same time.”
RMS(one) ecosystem continues to grow. With 5 new partners, the number of #catmodels avail on @RMS(one) is nearly 300 http://ow.ly/vO2sA
Today, RMS(one) has third party models, ERN and Risk Frontiers, implemented and available http://ow.ly/vO2sA HT @RMS
Cat models from ERN & Risk Frontiers available on the @RMS(one) platform today http://ow.ly/vO2sA
Mario Ordaz of ERN says @RMS(one) only platform open + flexible enough to accommodate unique aspects of any #catmodel http://ow.ly/vO2sA
RMS(one) has potential to be a game changer for entire enterprise-risk value chain @Celent's @Donald_Light http://ow.ly/vO2sA via @RMS
“We are pleased to take the initiative and innovate with @RMS(one)” - John Cavanagh, CEO of @Willis_Re http://ow.ly/vO2sA
CEO of @MunichRe talks about why they have chosen @RMS(one) as their core platform for exposure management http://ow.ly/vO2sA
Newark, Calif. – May 7, 2021 – At its annual Exceedance conference this week, RMS, the world’s leading catastrophe risk solutions company, demonstrated the benefits (re)insurance customers are experiencing by moving to RMS Risk Modeler™, the cloud-based risk modeling application running on the RMS open cloud platform, Risk Intelligence™. Risk Modeler, a next-generation cloud-based modeling application, is designed to meet the complex needs of risk analysts and cat modelers at scale. Risk Modeler enables real-time risk analytics and unified, high-performance execution of RiskLink models and High-Definition (HD) simulation models. Designed with a deep understanding of customer requirements and leveraging the latest technological innovations, Risk Modeler easily integrates with other on-premise applications as well as other cloud applications through open APIs and export services, giving customers greater flexibility and choice. This week at Exceedance, the industry has heard from RMS customers about the advantages they are gaining by adopting Risk Modeler to help manage their risk portfolios. Gallagher Re, Price Forbes & Partners Ltd, and Unipol spoke during the conference keynotes about their experiences with Risk Modeler to date. Howden Group also shared their insights on the benefits of Risk Modeler. Neil Bramley, analytics executive, Gallagher Re, “Gallagher was keen to take advantage of the SaaS Solution, pushing the technology harder and faster, leveraging the benefits and scale of secure cloud computing to ultimately create tangible advantage and upsides for our clients. Risk Modeler helped us grow our analytical capability tremendously and our usage stats are through the roof compared to last year, with the added benefit of zero downtime whenever our divisions are looking to access new functionality and solutions.” Gian Luca De Marchi, group chief risk officer, Unipol Gruppo S.p.A., “Risk modeling through the Risk Modeler application allows us to run portfolio analyses and to support risk management assessments for risk profiling, risk monitoring, capital allocation, and optimal risk transfer. Now, the RMS models could help us in moving to an internal model, reducing the gap between economic capital and regulatory capital, and provide robust support in meeting regulatory requirements in particular in relation to stress tests.” David Flandro, managing director, Head of HX Analytics, Howden Group, “Risk Modeler together with RMS’s trusted science is an important part of our analytics ecosystem that helps Howden provide a differentiated service to our clients and partners. The SaaS delivery and API-based development framework is well positioned to help service our digital-first vision with distinction.” Alexander Hanks, executive director, head of actuarial & analytics, Price Forbes & Partners Ltd, “We worked with RMS as early adopters, making full use of Risk Modeler’s API first development approach to fully integrate modeling with our own cloud tools, switching off RiskLink and RiskBrowser in the process. Gone are the days of manually working with spreadsheets, copying and pasting and relying on manually re-running modeling of jobs. The automation work has taken manual time-consuming tasks away and we're able to spend much more time on interpreting modeling results and providing deeper insights to our clients.” Speaking at the conference, RMS CEO, Karen White, said, “When RMS launched Risk Modeler 2.0 in 2020, more customers started on their cloud migration with us. We are seeing more momentum in the industry for digital first strategies. Today, insurers, reinsurers, and brokers from every major global geographic region are on the RMS platform. Leveraging leading models, technology, and the cloud to gain greater risk insights helps them to avoid surprises, confidently deploy more capital, and potentially develop new products and new business models.”
Newark, Calif. – May 6, 2021 – RMS, the world’s leading catastrophe risk modeling and solutions company, announced new innovations to ExposureIQ™ on the Risk Intelligence platform, including real-time catastrophe event visualizations and more powerful reporting. RMS also unveiled new capabilities to allow cross-portfolio accumulations across reinsurance and insurance workflows. ExposureIQ is an innovative, cloud-based exposure management application designed to help portfolio managers gain deeper insights into their books, scaling to millions of locations, enabling easy discovery of hotspots, diversification, and portfolio re-balancing. The application provides access to exposure information which leverages events and footprints from RMS Event Response and RMS’s unique HWind real-time forecasting capabilities, to help gain a quicker and more accurate assessment of potential losses before, during, and after an event. Real-time analysis and insight into portfolios allow for alignment with a company’s risk appetite, exposing threats and opportunities within their portfolio. The latest ExposureIQ release provides powerful reporting with an in-app dashboard that allows portfolio analysis across the most critical building criteria, allowing customers to understand how varying geocoding resolutions impact results as well as understanding which building occupancies and construction types are driving their losses. This advanced reporting functionality speeds up analysis and empowers portfolio managers to make faster, better-informed decisions. ExposureIQ is now the only application in the market to provide near real-time event visualization through a powerful new mapping module that integrates RMS Event Response and RMS HWind data. There’s no longer a need for customers to download and upload data to their system. Customers can now automatically access the latest event data, visualize events against exposures, and run accumulations – all within the application on a near real-time basis. At its annual Exceedance Conference, RMS demonstrated how ExposureIQ will expand on these capabilities to allow customers to run accumulations across both their insurance and reinsurance books of business. It will enable users to easily build structures that represent business hierarchies in an intuitive way. For the first time, customers will be able to run accumulations across portfolios and across cedents all in one application and leverage the RMS rich data catalog derived from our market-leading model science. Speaking at the annual RMS Exceedance conference, RMS executive vice president, product, Cihan Biyikoglu, said: “Exposure management is one of the most important aspects in terms of overall business profitability and keeping business risk appetite in check. Real-time exposure information such as wind forecasting from RMS Event Response gives customers the insights and control they need during critical points before, during, and after an event. The inclusion of cross-portfolio and cross-cedant accumulation in this release takes portfolio analytics to an unprecedented level. RMS understands the importance of making decisions based on quality data and insights. ExposureIQ brings together excellence in modeling with the flexibility, scale, and performance of the cloud to enable companies to develop a comprehensive view of their portfolio, optimize workflows, generate quality insights, and improve profitability.”
Newark, Calif. – May 5, 2021 – RMS, the world’s leading catastrophe risk modeling and solutions company, today announces new models. Speaking at the annual RMS Exceedance conference, Mohsen Rahnama Ph.D., chief risk modeling officer and executive vice president, said: “Risk is increasingly complex and connected. RMS is focused on providing the highest quality and most transparent, robust catastrophe models to the industry in this environment. With the new inland flood models and global flood hazard maps, we address an important set of regions where flood is the most important peril, and now cover 100 percent of flood premiums written worldwide. The significant update to the RMS North Atlantic Hurricane Models incorporates the latest science, and applies the learnings from 2017 onward.” Global Flood Coverage Key flood models and maps announced today at Exceedance 2021 include: A new inland flood model for China will be available in June 2021, concurrently on both RiskLink Version 21.0 and Risk Modeler, the RMS cloud platform for model execution and analytics. New inland flood models for New Zealand and Southeast Asia (Thailand, Singapore, Malaysia, and Indonesia) are available in the second half of 2021. Global flood hazard maps for over 200 countries will also be available in the second half of 2021. With this significant expansion, the RMS Global Flood Solution Suite now offers unmatched high-resolution flood model coverage and a unified approach to manage all global flood risk. These models and maps cover 100 percent of global property gross written premiums for flood. North Atlantic Hurricane Significant updates to the industry-leading North Atlantic Hurricane (NAHU) Models were also announced. The North Atlantic Hurricane Models Version 21.0 now include medium-term event rates, lessons learned from the 2017-2020 hurricane seasons, and a new alternative view of vulnerability for Florida Residential Lines. Importantly, RMS incorporated an alternative view of risk accounting for the Florida Building Code 25 percent Roof Replacement Rule, which was expanded from the High Velocity Hurricane Zone (HVHZ) to cover the entire state of Florida in the 2017 Florida Building Code. These key updates empower customers to make more informed rate setting decisions. Additional 2021 RMS Models RMS Canada Wildfire Model has been added to the RMS North America Wildfire Models Suite and is available now. Canada Wildfire has coast-to-coast coverage for Canada. Consistent with the RMS U.S. Wildfire Model, the Canada model incorporates ignition and spread of wildfires, ember footprints, smoke footprints and urban conflagration, as well as the financial model that include hours and distance clauses for representation of policy terms. RMS Cyber Solutions Version 5.1, available now, incorporates a new dashboard for underwriters providing powerful cyber underwriting analytics and rich data covering cyber incidents and threats. RiskLink Version 21.0 RiskLink 21.0 will be available June 2021. All RiskLink models will be available concurrently on both RiskLink and Risk Modeler.