RMS, a risk modelling and solutions company has announced that it will be launching a new application – UnderwriteIQ, which will be hosted on the cloud-based RMS Intelligent Risk Platform.
The application will enable underwriters to have greater control of risks by bringing hazard, exposure, and loss data together in the underwriting process at the point of decision, all based on RMS model science and data.
UnderwriteIQ will also allow for underwriters to price with confidence, enable consistent risk decisions, and improve operational efficiency.
In addition, UnderwriteIQ will be hosted on the modular and unified RMS Intelligent Risk Platform (IRP). The platform provides proprietary and tertiary data analytics to rapidly generate high-resolution risk insights via applications that meet underwriting and portfolio management needs.
Moe Khosravy, Executive Vice President, Software and Platform, RMS, said: “The growth in adoption of the RMS Intelligent Risk Platform has been phenomenal. A substantial number of clients are benefiting from the secure cloud-based platform that provides superior advanced analytics through a single holistic enterprise risk management system, without the hardware and software maintenance required for on-premise offerings. IRP easily integrates into existing systems and its modular design allows users to license and use only the required applications or APIs.”
Furthermore, UnderwriteIQ is the latest addition to the RMS IQ application suite, which also includes TreatyIQ and ExposureIQ.
The TreatyIQ application allows users to rapidly design and analyse simple and complex treaty program structures, as well as import and leverage any modelled loss data adapted to a user’s view of risk.
ExposureIQ allows users to manage both reinsurance and insurance accumulations within one application. The application also provides near real-time catastrophe event visualization using a powerful mapping module that directly integrates RMS Event Response and RMS HWind data.
At the same time, ExposureIQ also helps to make business-wide exposure management faster and more accurate, allowing for easy identification of the key drivers of accumulations and portfolio trends, and analysis of deterministic losses across any region in the world.
Michael Steel, General Manager, RMS, commented: “The RMS Intelligent Risk Platform has gone from strength to strength since it was launched in 2018, as can be seen by its adoption across the insurance market. Powered by RMS models, science, and technology, UnderwriteIQ is a welcome addition to the existing IQ applications suite, delivering business value, end-to-end consistency, and an improved client experience. RMS plans to always continue to invest in and deliver the technology, science, and solutions that help our clients make better risk decisions.”
