Catastrophe risk modeller Moody’s RMS has announced that over 100 active clients across insurance and finance markets have adopted applications and services on the Moody’s RMS Intelligent Risk Platform (IRP).
According to the firm, the platform has gained significant traction among brokers, insurers, reinsurers, managing general agents (MGAs), and Lloyd’s syndicates across the globe, including Apollo, Tokio Marine, and Gallagher Re.
It has also proven popular with banks and real estate asset managers keen to utilise the insights across their portfolios, the risk modeller suggests.
Cihan Biyikoglu, Executive Vice President, Moody’s RMS, commented, “I am thrilled to see the great enthusiasm from our customers to the Intelligent Risk Platform.
“In this short period since its birth, we have customers across all major geographies, including Europe, Americas, and Asia, and across insurers, reinsurers, and brokers modeling their accounts, portfolios, and underwriting on our platform every day.
“As one measure of engagement, we are already seeing hundreds of millions of commercial and residential locations analyzed daily on our platform, from earthquakes to hurricanes, and windstorms to climate change models.”
The IRP is a software-as-a-service (SaaS) platform which offers applications and services such as Risk Modeler, that enables all risk exposures to be prepared and managed in one place, and loss analysis using RMS High Definition, Detailed Loss, and Aggregate Loss Models.
The platform comes with application programming interfaces (APIs) available to deliver global hazard data, risk scores, and loss costs for underwriting, alongside real-time event response information, with applications such as ExposureIQ, which Moody’s RMS states proved highly valuable during Hurricane Ian, to establish the potential impact of an event on a client’s portfolio.
Biyikoglu continues, “By Moody’s RMS successfully delivering a true SaaS application, clients have genuinely benefited from highly scalable automation and integration to create far more efficient end-to-end risk modeling workflows across business applications.
“And by clients adopting the IRP, we are also seeing an increasing number of businesses turning off their on-premises RiskLink or legacy analytics applications altogether. We look to further develop and enhance the IRP experience as the client base continues to grow and expand.”
Moody’s RMS states that the IRP applications are also designed to integrate with third-party and in-house systems used by insurance and financial firms to provide enhanced data insights.
Further, users of the cloud-based IRP have access to the latest model data, with risk model updates integrated automatically with minimal downtime, without the requirement for maintenance and additional IT support.
