Catastrophe risk modelling specialist RMS has announced the launch of a new strategic risk modelling and risk management platform named Risk Intelligence, as it also announced that it would be sunsetting its beleaguered RMS(One) product.
RMS said that it recognises the industry is facing undergoing a critical evolution, which has been “triggered by huge competitive pressures, rising expense ratios, and a constantly evolving risk landscape.”
In response to this, the firm has announced today at its Exceedance 2019 conference a new RMS Risk Intelligence™ platform, which it says is “open and flexible” and designed to enable better risk management, as well as to support profitable risk selection.
In tandem, RMS announced today that it is sunsetting the RMS(one) platform.
RMS(One) was the firms attempt to bring risk modelling into the 21st century, leveraging the latest technical developments and elements such as cloud computing, to deliver a more efficient and usable risk modelling platform to its clients.
The platform was beset by delays, meaning both implementation and roll-out took significantly longer than expected and never reached the levels originally anticipated by RMS.
Following numerous changes, including a new CEO, RMS seems to be following a new strategic direction that has culminated in the development of a new platform for modelling and managing risk, as well as for making better use of risk data as well.
Risk Intelligence includes:
- Advanced Risk Model Execution Services, that bring together RMS Core RiskLink Models as well as RMS HD Models.
- Risk Data Lake, a repository that can securely unify rich RMS data with clients own data and third-party data.
- Powerful analytics with modular REST APIs, to enable clients to integrate RI into their in-house or other third-party applications.
- Intuitive applications for delivering risk insights directly to enterprise users, such as risk analysts, primary or treaty underwriters or portfolio and exposure managers.
Karen White, Chief Executive Officer at RMS, commented on the launch, “We understand that the success of our clients requires building a more evolved strategic risk platform that can truly address vital business needs beyond what was previously possible. We are introducing RMS Risk Intelligence™, an open, modular, future-proof platform for the evolving risk market. RMS Risk Intelligence leverages customer data, industry data and third-party data to deliver detailed and precise insights combined with unified model execution. It is the only way to give clients the scale, flexibility, extensibility, business value and performance needed to take on the future of risk.”
“The difference between profitability and insolvency is having the right risk insights,” RMS said today.
Underpinning this is the Risk Data Lake, that RMS says will be useful for rich analytics. Users can combine enterprise data, such as their own claim and policy-level data, and third-party data featuring RMS risk data layers such as property attributes, hazard and cost details all within a single unified platform.
RMS Risk Intelligence also supports existing RMS products. Currently Risk Modeler v1.11, the new RMS U.S. Inland Flood Model and RiskLink Version 18 models, are live on Risk Intelligence. Applications including SiteIQ™ and ExposureIQ, HD and Risk Link models, will also soon be released on Risk Intelligence, RMS said.
Cihan Biyikoglu, Executive Vice President, RMS, explained, “RMS intends to continually deliver the best models and user experience for all our clients. RMS Risk Intelligence accesses our Risk Data Lake to allow an extensible, interoperable and modular approach. Apps such the forthcoming Site IQ and ExposureIQ, as well as REST APIs demonstrate our commitment to fully address the issues our clients are facing today.”
White added, “RMS Risk Intelligence is a robust practical long-term solution to meet the client needs of today and the risk demands of the future. This modern platform delivers unified model execution, utilizing our Risk Data Lake and risk analytics. The needs of our clients have been evolving and with Risk Intelligence we are directly addressing the multiple needs of this new risk landscape.”
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