Moody's RMS took the title following a landmark 12 months which saw it welcome its 100th active client to utilise applications and services on its Intelligent Risk Platform (IRP).
The firm say its IRP has gained "significant traction" among brokers, re/insurers, managing general agents and Lloyd's syndicates globally in the last year. The platform includes the Risk Modeler application, which allows all client risk exposures to be managed in one place, as well as application programming interfaces (APIs) that aim to deliver global hazard data, risk scores, and loss costs for underwriting.
The highest profile catastrophic event of the last 12 months has undoubtedly been hurricane Ian, the costliest hurricane to ever strike Florida, which resulted in insured losses of up to $74bn.
Despite the challenges posed by Ian, Michael Steel, general manager for Moody's RMS, says real-time insights from the provider's RMS HWind hurricane wind field tracking and forecasting solution flowed directly into the IRP and meant "the time and complexity of getting the latest insights dramatically decreased, allowing clients to focus directly on the event."
Steel adds that cloud-native architecture allows Moody's RMS to easily roll out greater functionality, as well as launch new or updated risk models directly to the platform. He explains that insurers want to take advantage of the power and scale that cloud computing offers.
"In our conversations with clients, we know that it is not just about placing existing systems into the cloud, they want the cloud to be a catalyst to help improve performance across their businesses," he says.
He cites the firm's head of product Cihan Biyikoglu's recent blog, which discussed how "selecting and integrating a new solution is a big deal, and clients need confidence that it is a sound investment".
Steel says: "Cihan states that with the IRP, we chose to rebuild our analytics in the cloud using a cloud-native approach rather than a cloud-hosted approach."