Catastrophe risk modeller RMS has bolstered its cyber offering with the launch of a new underwriting application.
The company has also made significant updates to its cyber solutions portfolio management application.
RMS Cyber Solutions Version 5.0 will allow users to price and select cyber risks without the need for large sets of historical in-house claims data.
In addition, RMS’ latest iteration of its cyber solutions portfolio management application is designed to help users understand portfolio profitability and the levels of risk they run across the Exceedance Probability curve.
This can be leveraged to drive strategies for the growth of their book of business, reinsurance purchases, and portfolio optimisation.
RMS Cyber Solutions 5.0 incorporates the latest data and a number of scientific approaches to provide cyber insights for cyber underwriters and portfolio managers.
The combination of the new RMS pricing engine and portfolio management application is designed to drive consistency between a customer’s underwriting and portfolio management workflows.
The RMS solution models a carrier’s entire cyber risk, accounting for attritional and single-risk large claims and catastrophe losses.
“Digital disruptions present new challenges for insurers as cyber incidents become more frequent, sophisticated, and financially damaging,” said Matt Harrison, director, product management, cyber, at RMS.
“While demand for cyber insurance continues to grow rapidly, insurers need solutions that support their strategies to allocate risk capital confidently and efficiently.
“The RMS approach to modeling cyber risk draws from over 30 years of RMS experience with modeling catastrophes, providing customers with a comprehensive and reliable way to manage cyber risk.
“Our experience teaches us that cyber insurers need transparency and to validate a model to comfortably use it for critical decision-making.
“Further, it is insufficient to only tell a customer how much risk they’re running; they need to understand the drivers of that risk to be able to make business decisions about it. RMS has made significant investments in the enhancement of our cyber modeling to meet these needs.”
