RMS Location Intelligence API

Instant risk information for any location worldwide

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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.

Underwriting Insights

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.

TRUSTED DATA FOR ALL YOUR CAT UNDERWRITING NEEDS

Instant access to data from the global RMS model catalog informing fast and accurate decisions on screening, selecting, and pricing risk.

THE WORLD’S BEST CATASTROPHE INSIGHT DELIVERED INSTANTLY

Enabling a holistic, comprehensive, and transparent solution for underwriting property cat risk.

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

Underwriter’s VIEW

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 modelling 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.

PERILS COVERED

  • Wind
  • Flood
  • Storm Surge
  • Winter Storm
  • Hail
  • Tornado
  • Earthquake
  • Wildfire
GEOCODING

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.

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RISK ZONING

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.

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HAZARD INFORMATION

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.

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EXPOSURE ATTRIBUTES

“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.

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SCORING

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.

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RMS data examples

RMS Hazard Data

  • Consistent with RMS models
  • Enables quick identification of high-risk locations
  • Informs declination and acceptance criteria

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RMS RiskScores

  • Utilizes model hazard and vulnerability
  • Converts return period damage estimates into a simple 1–10 score
  • 3 return periods
  • Native model resolution

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RMS loss costs

  • Quantify the technical cost of insuring a location
  • Distill ALL sources of modeled risk (hazard, vulnerability, contract terms) into losses by coverage

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Underwriting with 20/20 Vision

Risk data delivered to underwriting platforms via application programming interfaces (API) is bringing granular exposure information and model insights to high-volume risks.

Using Second Tier Cat Analytics in underwriting can threaten solvency.

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.

Inconsistencies in cat management lead to incoherent strategies

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?

R

ACCURATE PRICING OF CAT RISK

  • Lower loss ratios/adequate pricing
  • Avoid adverse selection
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CONSISTENT VIEW OF RISK

  • Joined-up view from underwriting through to portfolio
  • Optimal portfolio construction

SMART PRIORITIZATION

  • No submissions left unassessed
  • Bad risks weeded out early
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STREAMLINED PROCESS

  • Lower expense ratios
  • Optimize your straight through processing

SPOTLIGHT

New RMS Data Solutions Deliver Real-Time Site-Specific Insights

Superior RMS Model Science and Rapid Risk Analytics at your Fingertips with RMS Location Intelligence API and SiteIQ™ on Risk Intelligence™ (RI)

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NEW APPLICATION ENABLES PROPERTY RISK INSIGHTS

RMS SiteIQ™ Provides Risk Decision Makers with a Comprehensive and Instantaneous Data Assesment of Any Risk Facing Any Property

Read More

Ready to operationalize the world’s leading risk analytics in your underwriting process?

Contact Us Now!

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Sales Inquiries

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