RMS Location Intelligence API
Instant risk information for any location worldwide
Cat underwriting: not for the faint of heart
Underwriting cat-exposed property is a high stakes game that puts part of a carrier’s balance sheet at risk with every transaction. To manage this risk insurers don’t need more data sources – they need better tools and more insight.
How can underwriters get the insight they need to meet these challenges and make fast, accurate decisions?
THE WORLD’S BEST CATASTROPHE INSIGHT DELIVERED INSTANTLY
The RMS location intelligence API brings the industry’s most trusted cat analytics directly to the point of underwriting, with a simple call.
The RMS Location Intelligence API enables instantaneous access to best-in-class data products for use at the point of underwriting. Backed by industry-leading model science, they can be integrated into any underwriting workflow – enabling better screening, risk selection and pricing decisions. The API is purpose-built for speed and can accommodate straight-through processing for personal lines, as well highly bespoke underwriting of high value properties
Pass any location to the API from your underwriting system – with minimal information such as address or coordinates, or with more detail on construction, occupancy, year built, and deductibles. Specify the information you need in the payload request, and in milliseconds the API conveys the data to help inform an underwriting decision.
The data, precompiled from tens of thousands of model simulations, is securely hosted on the RMS platform and optimized for speed, to enable fast quoting on high volume lines of business.
Categories of data products and the value of their insight
TRUSTED DATA FOR ALL YOUR CAT UNDERWRITING NEEDS
Creating a common view of risk across your business
For the first time, underwriters can get all cat peril risk information from a single trusted source: the Location Intelligence API. This API delivers data fully consistent with your downstream catastrophe modeling process to help you achieve a common view of risk across your business.
The API serves underwriting use cases from risk identification all the way through declination, selection, and pricing/quoting.
- Storm Surge
- Winter Storm
Get the exact location – every time. With high resolution coverage in 55 countries, RMS’ geocoder is custom-tailored to insurance use cases with population-weighted centroids and valuable backfill capabilities.
Is your location in a high-risk FEMA zone? Or is it inside a wildfire-prone area? How close is it to a risky fault or coastline? RMS provides this information so you can have it at your fingertips.
From 100-year flood depth to earthquake shake intensity, hazard metrics give you an fast, objective measure of risk needed to get baseline insight about any location.
“Trust but verify”, said a politician about the data he received. RMS provides critical exposure attribute data for more than 100 million properties so you can make informed decisions based on all the facts, not just the ones in the underwriting submission.
Underwriting requires more than hazard information; brick houses can withstand fire hazards but fare terribly in earthquakes. Vulnerability is a key part of the equation and RMS risk scores – tied to explicit return-period damage ratios – enable the critical understanding of a structure’s fragility.
Pricing cat risk is difficult because claims are infrequent but severe. That’s why RMS has pre-compiled the results of its big data simulations – to provide you instant loss costs differentiated by building construction, occupancy, age, height, and other attributes. RMS loss costs are the most granular and precise cat insight available on the market today. And they are available for nine perils in dozens of countries, all within milliseconds.
RMS data examples
RMS Hazard Data
- Consistent with RMS models
- Enables quick identification of high-risk locations
- Informs declination and acceptance criteria
- Utilizes model hazard and vulnerability
- Converts return period damage estimates into a simple 1–10 score
- 3 return periods
- Native model resolution
Risk data delivered to underwriting platforms via application programming interfaces (API) is bringing granular exposure information and model insights to high-volume risks.
Merced Property & Casualty, a California domiciled insurer, was recently seized by the Department of Insurance after its losses from the 2018 Camp Fire. Sadly, it was not the first to be rendered insolvent by a catastrophe.
Achieving consistency across all parts of the enterprise – from underwriting to portfolio management, risk transfer, and ERM requires consistent data that will give you a consistent answer, throughout all divisions of your organization.
RMS data, derived from the world’s leading models, can help you achieve this operational discipline.
Benefits of Using RMS location Intelligence API
What benefits do we expect you to realize by leveraging RMS Location Intelligence in your underwriting processes?
ACCURATE PRICING OF CAT RISK
- Lower loss ratios/adequate pricing
- Avoid adverse selection
CONSISTENT VIEW OF RISK
- Joined-up view from underwriting through to portfolio
- Optimal portfolio construction
- No submissions left unassessed
- Bad risks weeded out early
- Lower expense ratios
- Optimize your straight through processing
Superior RMS Model Science and Rapid Risk Analytics at your Fingertips with RMS Location Intelligence API and SiteIQ™ on Risk Intelligence™ (RI)
Ready to operationalize the world’s leading risk analytics in your underwriting process?
Contact Us Now!
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7575 Gateway Blvd.
Newark, CA 94560