Specialist global insurer Hiscox is working with RMS on extending and increasing use of the cat modeller’s Location Intelligence API technology.
The tech is designed to improve customer experience on a coverholder level, while also providing market-leading modelling data to enable high-resolution, location-level hazard, risk, and loss metrics.
RMS Location Intelligence also provides a live view of Hiscox’s bound portfolio enabling active management of risk aggregation and greater opportunities for dynamic pricing.
“It is no secret that technology continues to be a major driver across all aspects of the insurance industry,” said Paul Butler, Technology Director, Hiscox.
“At Hiscox we are accelerating investment in our data and analytical capabilities to enable us to capture new opportunities in the market. Our coverholder relationships are vital to our business growth at Hiscox and since working with RMS Location Intelligence API, our FloodPlus book has doubled year on year, now generating in the region of 20,000 quotes per week.
“The millisecond response times are needed to keep our overall API response time below four seconds – our benchmark for providing real-time and automated trading platforms in FloodPlus and BindPlus.”
Jason Futers, Managing Director at RMS, added, “There has been huge growth in the coverholder market, and many sophisticated carriers are now moving to live quoting of delegated business so that they can precisely tailor pricing to their view of risk and build a better book of business.
“RMS Location Intelligence offers real-time screening and pricing analytics from RMS data and models that enable carriers to adopt a consistent view across the full risk transfer process, from individual risks through to portfolio management.”
