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RMS® is constantly adding new capabilities to the RMS Intelligent Risk Platform™ (IRP), our open, modular, and cloud-native digital foundation for RMS models and unified risk analytics.

As a gateway to robust risk analytics and in-depth risk data, the IRP brings together a trusted data repository, collaborative applications, and open Application Programming Interfaces (APIs) to help deliver better business outcomes.

Also, the range of powerful, cloud-native applications hosted on the IRP allows multiple users to gain insights into potential hazards, exposures, and accumulations, and during November, RMS released an update to the RMS Risk Modeler™ application, focused on giving clients access to the latest technologies and the highest quality data.

In this blog, we demonstrate our commitment to investing in the latest science, technology, and data, to provide an overview of both the new features and improvements to existing capabilities.

Latest Release for Risk Modeler

In our latest Risk Modeler release, we have introduced new premium hazard data layers along with several new updates to support these data layers, including geocoding and hazard retrieval, enhancements to the Exposure Data Module (EDM), and changes to our APIs.  

For Risk Modeler, in addition to these new features, we have also made several big improvements to existing capabilities, including:

  • Expanded export capabilities for HD Modeling with metadata treaty results
  • Workflow enhancements for marginal impact analysis that improve data governance
  • Better search experience for databases and analysis results

New Premium Hazard Data Layers for Risk Modeler

With data so critical to effective risk selection and pricing decisions, November’s Risk Modeler update includes new premium hazard data layers that are seamlessly incorporated into the geocoding and hazard retrieval workflow. This allows Risk Modeler clients to run all licensed premium hazard services alongside running geocoding and hazard retrieval.

At present, these data layers are available as a preview for all users. These layers will be turned off at the end of the preview for clients that have not licensed the data layers.

The benefits of these premium hazard data layers include enhanced risk management practices through the monitoring of portfolio risk distribution across various cat perils, using effective, high-quality, and consistent data to help inform underwriting and risk selection decisions.

The November update to Risk Modeler incorporates premium hazard data layers for our U.S. risk models and selected European models like flood, and earthquake, with additional premium hazard layers made available in future releases.

The following new premium hazard data layers are now available:

  • Risk Scores: Risk scores are based on the mean damage ratio or average annual loss results from big data catastrophe simulations, considering the implications of different primary characteristics. Available U.S. perils include earthquake, windstorm, wildfire, flood, severe convective storm, winter storm, and terrorism.
  • U.S. Earthquake Layers: Hazard layers include the distance from a site's location to the closest five faults in the U.S., Modified Mercalli Index (MMI) scores that represent the local shaking intensity and related effects of an earthquake, and the gradual settling or sudden sinking of the earth's surface.
  • U.S. Windstorm Layers: New hazard layers comprise coastal areas eligible for participation in state-sponsored insurance pools in nine hurricane-exposed U.S. states, and a "distance-to-water" metric for the U.S., including rivers that flow inland and minor tributaries.
  • North America Wildfire Layers: RMS North America Wildfire HD model licensees can now supplement their hazard layers with distance to wildland-urban interface (WUI), historical fire activity, stochastic burn probability, and urban conflagration data. For firms not licensing the models, new wildfire hazard data layers include defensible space characterized by the distance to vegetation parameter, slope data, and fuel type.

Improvements to Risk Modeler Capabilities

  1. Expanded PLT Export Capabilities for HD Modeling with Metadata Treaty Results

In this Risk Modeler release, we continue to enhance the export of Period Loss Tables (PLTs) to the Results Data Module (RDM) databases by adding treaty metadata to the results. The new treaty metadata provides additional context to help you understand which losses correspond to specific treaties.

  1. Workflow Enhancements for Marginal Impact Analysis to Help Improve Data Governance

Using marginal impact analysis can help (re)insurers quantify the impact of writing additional layers to a reference portfolio, and in November’s Risk Modeler release, the marginal impact analysis workflow has been enhanced to enable administrators to identify reference portfolios for underwriters.

For organizations with dozens or even hundreds of underwriters, this helps ensure that marginal analysis decisions are based on a common set of analytics and that users running marginal impact analyses are all working off the same reference portfolio.

  1. Improved Search Experience for Databases and Analysis Results

To make it easier to find analysis results, the latest Risk Modeler update enhances the Data Explorer search feature (see figure below). When a keyword is entered into the search, Data Explorer finds all the results and databases that include the keyword, making it simpler to search across your key datasets.

Data Explorer
Figure 1: Risk Modeler Data Explorer search feature

IQ Application Preview Programs

Interested in previewing some of the new RMS underwriting solutions? We have launched a preview program to test RMS UnderwriteIQ™, RMS TreatyIQ™, and Business Hierarchies in RMS ExposureIQ™.

Each application draws on more than 30 years of risk analytics leadership, to take advantage of our industry-leading models, data products, financial modeling, and a unified data store, to deliver impactful analytics across the insurance lifecycle, from primary underwriting to portfolio and cedant management.

You’ll have the opportunity to test and influence the roadmap for the following:

UnderwriteIQ: Built for insurance underwriters looking to integrate RMS’s deep science and modeling into their underwriting and risk pricing strategy, UnderwriteIQ delivers flexible, powerful account-level modeling capabilities with low latencies.

A cloud-native and collaborative underwriting analytics solution, it is fully integrated with Risk Modeler to help you understand the marginal impact on your portfolio and other Intelligent Risk Platform applications.

TreatyIQ: Built for reinsurance underwriters looking for deep treaty program pricing and analytics, TreatyIQ comes with advanced financial modeling and flexible pricing formulas to give underwriters actionable foresight of risk, by analyzing the marginal impact, combined ratio, and return on capital for every quote.

TreatyIQ’s game-changing portfolio roll-up performance for monitoring risk positions, analyzing risk drivers, and assessing pricing performance, speeds up workflows, reduces costs, and improves technical pricing and profitability.

ExposureIQ Business Hierarchies: ExposureIQ today provides powerful accumulation analytics and real-time event response capabilities. With the addition of Business Hierarchies, exposure managers can get a complete view of exposures across multiple books in a rolled-up view, and can quickly identify organization-wide exposures across both insurance and reinsurance entities, to improve portfolio management decisions. 

Backed by the sophisticated RMS financial model, customers will soon be able to apply complex inward and outward reinsurance structures for a true view of net reinsurance right up to the group level.

Over the next couple of weeks, customers will have the opportunity to preview these applications for feedback. If you are interested, please contact info@rms.com.


RMS Intelligent Risk Platform
Figure 2: RMS Intelligent Risk Platform

For additional information on Risk Modeler, ExposureIQ, or any of the IQ applications on the IRP, please visit the Intelligent Risk Platform webpages. You can also access release notes on RMS OWL – the RMS client support portal.

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