Miami, FL - May 14, 2019 - The (re)insurance industry is experiencing a critical evolution triggered by huge competitive pressures, rising expense ratios, and a constantly evolving risk landscape. Today at Exceedance 2019, RMS, the leading global risk modeling and analytics firm, announced the launch of RMS Risk Intelligence™, an open and flexible platform built to enable better risk management and support profitable risk selection. RMS is sunsetting the RMS(one) platform.
Risk Intelligence has a number of great benefits:
Karen White, chief executive officer at RMS, said: “We understand that the success of our clients requires building a more evolved strategic risk platform that can truly address vital business needs beyond what was previously possible. We are introducing RMS Risk Intelligence, an open, modular, future-proof platform for the evolving risk market. RMS Risk Intelligence leverages customer data, industry data and third-party data to deliver detailed and precise insights combined with unified model execution. It is the only way to give clients the scale, flexibility, extensibility, business value and performance needed to take on the future of risk.”
In today’s marketplace, the difference between profitability and insolvency is having the right risk insights. RMS Risk Intelligence utilizes big data through the unified Risk Data Lake that contains RMS risk models and rich data layers to enable more advanced analytics and greater flexibility. Because RMS Risk Intelligence utilizes the Risk Data Lake, as opposed to a data warehouse, any raw data is now highly accessible, flexible, dynamic and always up-to-date. The Risk Data Lake that powers Risk Intelligence, can be leveraged for rich analytics and combine enterprise data such as claims and policies, and third-party data with RMS risk data layers such as property attributes, hazard and cost details all under one unified platform.
RMS Risk Intelligence supports intuitive risk applications, through the APIs and directly through SQL. Currently Risk Modeler v1.11, the new RMS U.S. Inland Flood HD Model and RiskLink Version 18 models, live on Risk Intelligence. Forthcoming risk applications, such as SiteIQ™ and ExposureIQ, HD and Risk Link models, will also be released on Risk Intelligence.
New platform, new apps
SiteIQ™, announced at Exceedance 2019, is a risk application that synthesizes complex risk data, including interactive maps, for a single location, allowing underwriters and coverholders to immediately gain a deeper understanding of property risk. General Availability will be in June 2019.
Location Intelligence API and ExposureIQ are additional forthcoming products that also utilize Risk Intelligence, with General Availability for Location Intelligence API in June 2019 and ExposureIQ in September 2019.
Cihan Biyikoglu, executive vice president, RMS, said: “RMS intends to continually deliver the best models and user experience for all our clients. RMS Risk Intelligence accesses our Risk Data Lake to allow an extensible, interoperable and modular approach. Apps such as the forthcoming Site IQ and ExposureIQ, as well as REST APIs demonstrate our commitment to fully address the issues our clients are facing today.”
White concluded: “RMS Risk Intelligence is a robust, practical long-term solution to meet the client needs of today and the risk demands of the future. This modern platform delivers unified model execution, utilizing our Risk Data Lake and risk analytics. The needs of our clients have been evolving and with Risk Intelligence we are directly addressing the multiple needs of this new risk landscape.”
LONDON – 20th December, 2021 – RMS®, the world’s leading catastrophe risk solutions company, announces that it has formally signed a consulting agreement with Tunis Re to create an exposure and accumulation study, with a focus on Flood, Terrorism and other natural catastrophes. This agreement will enable Tunis Re to increase monitoring of its exposures and further expand its risk management capabilities. Lamia Ben Mahmoud, Chief Executive Officer at Tunis Re, said: “To continue providing our valued clients with the excellent service to which they are accustomed, we continuously look for ways to stay ahead of our exposures and maintain exceptional risk management processes. Our strategic collaboration with RMS, who is highly regarded especially around flood, natural catastrophe and terrorism risks, will enable us to further develop a more comprehensive monitoring of these risks for the benefit of both our team and our clients and our other business partners.” Vivek Bajaj, Managing Director Europe and Asia, RMS, added: “We are delighted to work with Tunis Re on this collaborative initiative. We look forward to assisting them in furthering their awareness and knowledge of their exposures and supporting them as they embark on this journey. This demonstrates our commitment to continued development and growth in the important MENA region.” About Tunis Re Tunis Re is a public limited reinsurance company based in Tunis, Tunisia. Founded in 1981, the company writes both treaty and facultative solutions (non-life and life) and is one of Africa’s leading regional reinsurers. Tunis Re has a diversified global portfolio which expands over 51 countries across the Middle East, Africa and Asia.
LONDON – 13th December, 2021 – RMS, the world’s leading catastrophe risk solutions company, is working with leading global specialty (re)insurer Canopius to develop and enhance Canopius’ climate change risk analysis with the adoption of RMS Climate Change Models. RMS has worked closely with Canopius to fully integrate the climate change models into its business processes with a focus on North Atlantic hurricane wind and storm surge. The RMS Climate Change Models will also help Canopius to respond to new and emerging regulatory reporting, such as the recent Bank of England Climate Biennial Exploratory Scenario (CBES) exercise, as well as further financial disclosures. RMS Climate Change Models help (re)insurers, such as Canopius, better understand, evaluate, and manage climate change risk in multiple regions using a probabilistic modeling approach. The models offer comprehensive and flexible parameters to seamlessly adjust time horizons and Representative Concentration Pathways (RCPs) to assess the impacts and uncertainties associated with different climate change scenarios. Joss Matthewman, Senior Director, Product Management, RMS, said: “Rigorous and reliable climate change risk analytics are vital for all businesses right now. This is not just about contributing to increased regulation and financial disclosures, but also providing clients with strategic insights and outcomes for short-, medium- and long-term horizons. We are pleased to continue our work with Canopius, and we see more companies across the insurance and reinsurance industry defining best practices around climate change and investing in the future of our industry.” Paul Wilkinson, Head of Aggregation and Risk Strategy, Canopius said: “Climate change presents one of the most significant risks to the (re)insurance industry. It is important to us to incorporate the latest science relating to climate change into our risk analytics in a manner that can be tailored to our needs and fully integrated across key business operations, such as portfolio management, near-term underwriting, and business planning. The RMS models enable adjusting time horizons for the near- and long-term, which, combined with the full flexibility and range of the IPCC’s Representative Concentration Pathway (RCP) scenarios allows us to confidently assess North Atlantic hurricane climate change risks.”
LONDON – 7th December, 2021 – Specialist global insurer Hiscox is working with RMS, the world’s leading catastrophe risk solutions company, to extend and increase its use of groundbreaking RMS Location Intelligence API technology, to improve the customer experience for its coverholders by providing real-time tailored quotes. RMS Location Intelligence provides market-leading modeling data offering high-resolution, location-level hazard, risk, and loss metrics. The use of an application programming interface (API) to integrate RMS data directly into Hiscox systems allows real-time responses to coverholders, and no lost business due to slow response times. RMS Location Intelligence also provides a live view of Hiscox’s bound portfolio enabling active management of risk aggregation and greater opportunities for dynamic pricing. Paul Butler, Technology Director, Hiscox, said: “It is no secret that technology continues to be a major driver across all aspects of the insurance industry. At Hiscox we are accelerating investment in our data and analytical capabilities to enable us to capture new opportunities in the market. Our Coverholder relationships are vital to our business growth at Hiscox and since working with RMS Location Intelligence API, our FloodPlus book has doubled year on year, now generating in the region of 20,000 quotes per week. The millisecond response times are needed to keep our overall API response time below four seconds – our benchmark for providing real-time and automated trading platforms in FloodPlus and BindPlus.” Jason Futers, Managing Director at RMS, said: “There has been huge growth in the Coverholder market, and many sophisticated carriers are now moving to live quoting of delegated business so that they can precisely tailor pricing to their view of risk and build a better book of business. RMS Location Intelligence offers real-time screening and pricing analytics from RMS data and models that enable carriers to adopt a consistent view across the full risk transfer process, from individual risks through to portfolio management. Being able to provide coverholders with real-time, fully automated quotes is a gamechanger that is driving increases to the quote-to-bind ratios, and improvements in the quality and quantity of underwritten policies.” About the Hiscox Group Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com