RMS Adds Five Model Partners to Provide the Global Insurance Market with the Most Extensive Catastrophe-Modeling Coverage
Partnerships with Catalytics, CatRisk®, COMBUS, OYO Group and QuakeRisk bring the number of catastrophe models that will be available on RMS(one)™ to nearly 300. ERN and Risk Frontiers models available on RMS(one) today
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
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.