Catastrophe risk modelling and analytics firm RMS has announced the launch of a new strategic risk modelling and data platform for the re/insurance industry, called Risk Intelligence.
At the same time, RMS said that it is sunsetting the RMS(one) platform, which faced numerous delays in implementation following its 2014 launch and was never quite rolled out to the extent RMS had originally hoped.
The firm explained that the new Risk Intelligence platform will benefit from risk model execution services that combine RMS Core RiskLink and HD models, with analytics that are designed to be integrated into in-house or third-party applications.
Risk Intelligence also utilises big data through the unified Risk Data Lake that contains RMS risk models and rich data layers, enabling more advanced analytics and keeping raw data accessible and up to date.
The Risk Data Lake can combine enterprise data, such as claims and policies, and third-party data with RMS risk data layers such as property attributes, hazard and cost details under one unified platform, the firm stated.
“We understand that the success of our clients requires building a more evolved strategic risk platform that can truly address vital business needs beyond what was previously possible,” said Karen White, Chief Executive Officer at RMS.
“We are introducing RMS Risk Intelligence, an open, modular, future-proof platform for the evolving risk market,” she explained.
“RMS Risk Intelligence leverages customer data, industry data and third-party data to deliver detailed and precise insights combined with unified model execution. It is the only way to give clients the scale, flexibility, extensibility, business value and performance needed to take on the future of risk.”
Additionally, Risk Intelligence supports a number of applications through the APIs and directly through SQL, including Risk Modeler v1.11, the new RMS U.S. Inland Flood Model and RiskLink Version 18 models.
Forthcoming risk apps on the platform include and ExposureIQ and SiteIQ, which synthesises complex data such as interactive maps to provide insight into property risks. ExposureIQ will be available in September 2019.
“RMS intends to continually deliver the best models and user experience for all our clients,” said Cihan Biyikoglu, Executive Vice President at RMS.
“RMS Risk Intelligence accesses our Risk Data Lake to allow an extensible, interoperable and modular approach,” he continued. “Apps such the forthcoming Site IQ and ExposureIQ, as well as REST APIs demonstrate our commitment to fully address the issues our clients are facing today.”
White added: “RMS Risk Intelligence is a robust practical long-term solution to meet the client needs of today and the risk demands of the future.
“This modern platform delivers unified model execution, utilizing our Risk Data Lake and risk analytics. The needs of our clients have been evolving and with Risk Intelligence we are directly addressing the multiple needs of this new risk landscape.”