Newark, Calif. - February 03, 2020 RMS today announced that the Risk Data Open Standard (RDOS) was made available on January 31, 2020 for download from the leading open source public repository.
RDOS is a modern data schema for the risk modeling community, representing the new, open standard for holding all types of risk data, including exposure, coverage, model settings, and results of analyses. Purpose-built for the risk industry, RDOS is a living open standard guided by real-world practitioners who demand the interoperability and portability required to handle the scale and complexity of modern risk management.
Unlike current risk data standards, RDOS is designed for any type of model and any type of business and contains a complete and unambiguous description of exposure and analysis. RDOS is currently backward compatible with today’s leading industry standards – RMS Exposure Data Model (EDM) and Results Data Model (RDM) – and is extensible to support other data standards and models.
Today’s announcement is a culmination of a multi-year development effort and eight-month industry review period, initially spearheaded by RMS, to provide the most robust risk data schema to the industry by tapping the expertise and ongoing contributions of a thriving risk modeling community. RMS is now releasing the first version of RDOS for open source development. From this point forward, anyone is free to review, use, and contribute to the standard, under an Apache 2.0 license. Future priorities and updates will be guided by a steering committee currently made up of 15 companies from the world’s leading (re)insurers.
“We’re in the business of risk and understand the nuances and challenges that it presents. The current leading data standard – the coin of the realm in the industry – is RMS’s proprietary EDM. However, legacy systems and decades-old technology, ours or other vendors, cannot leverage big data or support the high-gradient models required to understand new perils and emerging risks to gain a deeper understanding of risk within and across lines,” said Karen White, Chief Executive Officer of RMS. “A lack of data interoperability and loss of risk data inherent with today’s proprietary standards costs the industry billions of dollars a year. A new way of thinking and a more innovative, flexible and transparent approach will serve the industry well as it moves into the future. By introducing RDOS, we’re ushering in a new era of accessibility and collaboration. We would like to thank the RDOS Steering Committee for their guidance. Together, we’re helping the industry gain a more powerful understanding of these risks and helping to enable a new risk market to emerge.”
“Other vendor-led, open-source projects have proven that wider industry collaboration is possible,” said Cihan Biyikoglu, Executive Vice President of Product at RMS. “These approaches have created successful, thriving open source projects. For example, Google’s Kubernetes and Yahoo’s Apache Hadoop have thousands of contributors, many from competing companies. We are using a similar template and open approach to develop a shared standard for the insurance and financial services industries.”
Benefits for the Industry
Ryan Ogaard, Senior Vice President of Model Product Management at RMS added: “RDOS provides the most holistic view of risk. It can handle any type of model, any line of business, and any financial terms and conditions. Other formats rely only on SQL, which has inherent limitations. The RDOS is not locked into any specific technology and can be physically implemented in different manners.”
With RDOS, risk-focused companies such as insurers and the financial services firms that transact on risk will increase efficiencies and maximize opportunities.
RDOS is available now on GitHub: https://github.com/RMS-open-standards/RDOS
Risk Data Open Standard steering committee website: www.riskdataos.org
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