We have many exciting developments to share in this latest Moody’s RMS Intelligent Risk Platform™ solution update. From cutting-edge software to innovative new models, we hope each update helps to demonstrate our commitment to delivering solutions that can help you master the interconnected risk lifecycle.
The releases in this update span across the cloud-native risk applications suite on the Intelligent Risk Platform, and include:
Release of Version 23 (Risk Modeler, ExposureIQ, UnderwriteIQ, TreatyIQ, Data Bridge)
On June 14, Version 23 model and data products were released simultaneously for both on-premises and hosted clients using RiskLink® and RiskBrowser® applications, plus applicable updates were rolled out to all Intelligent Risk Platform applications.
Some of the key updates in this release include:
For more information about Version 23, check out our release blog.
New Business-Wide Views for Managing Exposure
Getting a fast and credible picture of how losses flow through an organization remains an ongoing challenge for insurers and reinsurers, especially after catastrophic events like Hurricane Ian.
This latest ExposureIQ release enables carriers to identify organization-wide risk accumulations across both insurance and reinsurance entities, to easily identify impacted programs and portfolios, and to gain a comprehensive understanding of the relationship between how risks and losses flow throughout the organization.
Users can now build complex treaty structures in ExposureIQ that accurately represent their assumed and ceded reinsurance programs and run accumulations of risk across billions of locations.
To learn more about the release, you can check out the release blog.
Environmental, Social, and Governance (ESG) Analytics for Underwriting and Portfolio Management
ESG analytics are now also available to license within ExposureIQ, providing instant access to over 290 million ESG scores for both public and private companies.
To start, users simply import account information via the Exposure Data Module (EDM) or other industry exposure formats such as CSV or Excel, to understand which accounts drive portfolio-level ESG scores.
Using a new heatmap to quickly identify outliers helps drive meaningful discussions between portfolio managers and underwriters on whether you are moving towards or away from your sustainability goals.
To learn more, please read the launch blog about overcoming the practical challenges of integrating ESG analytics into portfolio management workflows.
Advances in Shapefile Map Layers
You can now create custom shapefile layers that contain geographic areas, simply by uploading and configuring third-party shapefiles in ZIP format, for use with computing or when visualizing exposure.
The event response and hazard accumulation functionality within ExposureIQ computes this exposure based on damage factors you apply to each specific attribute in each area (see figure below).
For example, you can run a hazard accumulation using a shapefile layer created from a shapefile provided by a government agency containing a flood map of a particular region, to compute exposure based on varying damage factors determined by flood zone.
You can also apply the layer while mapping a portfolio or accumulation result to visualize the flood hazard's impact on your exposures.
Users enrolled in the Business Hierarchies preview program for ExposureIQ can run shapefile accumulations across the business hierarchy, to assess losses across a whole organization for this shapefile footprint.
Risk Modeler Updates
New Europe Windstorm HD Climate Change Model
A new HD Climate Change Model for the Moody’s RMS Europe Windstorm HD Models is set for release, capturing changes in wind and storm surge risk due to climate change impacts on wind characteristics of Europe windstorms.
Future views include Representative Concentration Pathways (RCP) scenarios RCP2.6, 4.5, 6.0, and 8.5, for time horizons from 2020 to 2100 in five-year intervals, with coverage across the same geographical scope as the reference models for this region.
Improved Usability for Managing Rate Sets
To help streamline the rate and simulation set selection for each model, a more effective maintenance rate set protocol for Risk Modeler is available, so that event rate sets (and simulation sets for HD models) for an updated model include only the current rate set and the prior rate set for change management.
Third-Party Model Results for Treaties (TreatyIQ)
Supporting third-party modeling, TreatyIQ users can now import custom or third-party losses into the application, to utilize Moody’s RMS and non-Moody’s RMS output together in their treaty pricing and portfolio roll-up workflows.
Marginal Impact (UnderwriteIQ)
Using marginal impact analysis allows insurers to identify policies that may require premium revisions or additional risk analysis. Using UnderwriteIQ, insurers can now use this analysis to more effectively allocate resources, minimize potential losses, and optimize the profitability of their underwriting portfolios.
You can learn more about marginal impact analysis in our launch blog.
Introducing Fire Following for Portugal and New Zealand DLM Earthquake Models (Risk Modeler, UnderwriteIQ, and TreatyIQ)
In this update, Risk Modeler adds the fire following sub-peril for the Portugal and New Zealand Detailed Loss Module (DLM) earthquake models.
Data Protection with Data Bridge
Archive Deleted Databases
To protect against accidental deletion of databases, database files hosted in Data Bridge are archived before they can be deleted. Data Bridge administrators are now able to view, download, and restore any deleted databases via the Admin Center user interface or the Data Bridge API.
Unified Modeling on the Intelligent Risk Platform
During the Exceedance conference in May, Moody’s RMS announced that two new modeling engines will be integrated into the Intelligent Risk Platform (IRP) to achieve unified model execution:
We will continue to keep you updated on unified modeling and the latest Intelligent Risk Platform developments in our regular blog posts.