RMS has released a new product offering, dubbed Location Intelligence API, which provides location-based hazard, risk and loss metrics to offer re/insurers a consistent view of risk from underwriting to portfolio management.
The risk solution compiles big data simulations of catastrophic events into loss costs, with optional additional details on key building attributes that can be easily accessed by submitting an address or coordinates.
The new API, or application programming interface, links insurers’ underwriting systems with sophisticated RMS modelling hazard, exposure and loss data – including seismic risk, slope, soil, flood zone or building attributes.
This allows insurers to avoid or cede risks that don’t meet their risk appetite, expand into new territories with confidence, and optimize their book of business, said RMS.
Chris Folkman, senior director, RMS model product management, commented; “In today’s soft market, underwriting discipline is vital. Insurers can’t afford to make improper pricing assumptions or inappropriate declinations.
“The best risk selection relies on the most accurate risk intelligence – and that’s what this new tool enables in fractions of a second. It provides straightforward insight that is rooted in the world’s best catastrophe risk modelling, at a speed which is fast enough to feed even real-time quoting portals.”
RMS’ new risk modelling solution is cloud-based, and can easily integrate into existing workflows; it interfaces with underwriting applications, agency portals, or even simple spreadsheets, meaning no additional infrastructure is required.
The risk modeller offers the Location Intelligence API for U.S. hurricane, earthquake and European flood risk, and plans to expand in late 2017 with high-resolution U.S. flood hazard data, enhanced FEMA flood zone data, and distance-to-coast, fault, and sinkhole metrics.
Eventually RMS said it will offer this service across its full range of more than 190 models, reflecting the principal perils in key markets.
