RMS - Risk Link / Risk Browser - Risk Intelligence™ (RI) - RMS Cyber Solutions
Type of System
- Catastrophe modelling
- Exposure management
- Risk management
- Data management
- Stress testing
- Solvency II solution
- Internal/external reporting
- Portfolio analysis/hedging
- Cyber risk management
- Climate risk management
Type of platform
Other features - the offering facilitates:
Solvency II internal model
High-quality, comprehensive and advanced risk analytics at your fingertips with @RMS Risk Intelligence, RiskLink/ Risk Browser & RMS Cyber Solutions
Most recent significant update:
RiskLink is currently one of the leading catastrophe modelling platforms available to the insurance industry.
This year, we announced the expansion of RMS’s open, modular, and unified cloud platform – RMS Risk Intelligence. Through this enterprise SaaS platform users will be able to efficiently operate and manage all their RMS risk models in the cloud, with an intuitive user experience, integrated with advanced risk analytics.
Risk Modeler 2.0, the latest update to RI, enabling advanced portfolio and account risk analysis leveraging RMS models. It can be easily integrated with on-premises modeling and other on-premises applications as well as other cloud applications through open APIs.
Risk Modeler 2.0 offers an all-in-one RiskLink and RiskBrowser experience, with familiar features along with an enhanced, intuitive user interface that streamlines workflows to reduce the time and steps it takes to complete complex analyses.
Planned future enhancements:
RMS will continue to enhance Risk Intelligence, adding new HD models, IQ applications and APIs.
Included in these updates is the expansion of our suite of high-definition (HD models, covering a range of perils and geographies on Risk Modeler 2.0, such as:
- European Inland Flood HD Model
- European Severe Convective Storm HD Model
- U.S. Wildfire HD Model.
- U.S. Inland Flood HD Model
- Japan Earthquake & tsunami HD Model
Japan Typhoon and Flood HD Model Some of these HD models are upgrades to our existing RiskLink models, while others are an expansion into new regions and perils. The functionality to support use of these models on Risk Modeler will continue to be added over time.
Additionally, we’re continuing to expand our new suite of advanced applications for portfolio management and underwriting. This includes:
- ExposureIQ, which provides real-time exposure information combined with wind forecasting events and footprints from RMS Event Response to help gain a quicker assessment of potential losses before, during and after an event.
- SiteIQ and Location Intelligence API, which have been enhanced in these latest versions to provide fast and easy access to over 100 trillion data points and can now deliver over 200 data points per location in some regions, with current (and expanding) coverage of over 70+ countries.
- TreatyIQ, which enables property treaty underwriters to achieve greater return on capacity with pricing and portfolio roll-up analytics.
- Risk InvestorIQ, which offers advanced analytics and insights that enable funds and investors to quantify and reduce risk.
Location Intelligence API, which provides loss costs, hazard and risk scores for perils such as flood, wildfire, climate and earthquake perils and rich exposure data worldwide with 100 Trillion datapoints covering 70+ countries.
How does your solution integrate with third-party systems or in-house systems?
RMS Risk Intelligence is an enterprise SaaS solution that allows users to link all applications and models to your workflows using APIs.
It is also specifically designed to work with open data formats such as the Risk Data Open Standard (RDOS; riskdataos.org). Analytics based on exposures or losses can come from RMS models and applications, and from other modelling systems, such as internally developed or external systems.
What is the key attribute of your product(s) that differentiates it from your competitors?
Risk Intelligence is an open, unified and modular platform for risk insights and analytics. It is the only platform purpose-built for the re/insurance industry. It allows users to choose the parts of the platform that are important to ensuring users can customise the platform to align to their business needs, and to make adjustments as their needs change. Risk Intelligence is an open, unified and modular platform for risk insights and analytics.
The HD models bring a new level of accuracy to catastrophe risk management. Powered by the cloud, they calculate losses at the finest possible level of exposure resolution, applying high-resolution hazard and more realistic assessments of vulnerability within large event sets to ensure clients can manage their views on tail risk and surprise losses. The losses flow through a highly-flexible financial model designed to reflect how losses develop in reality as claims are made.
The IQ applications are designed to support different personas in the underwriting and risk management workflows, from underwriters to portfolio managers and treaty underwriters.
What trends are you seeing in terms of customer demand?
Clients are looking increasingly for real-time analytics, based on a common view of data across the organisation. They are looking for consistency – that all decisions are made based on a consistent view of risk, from underwriters through to capital modeling and risk transfer decisions. They are also looking for greater confidence in the analytics they are receiving that can be provided within timeframes that maximise the utility of the insights provided.
Clients are interested in driving efficiencies into their business through flexible, scalable solutions that allow to reduce certain fixed costs in their businesses.
The HD models and modeling engines allow for financial innovation – because they deliver such realistic results, they allow customers to design and test the financial performance and return of different insurance products, and/or provide decision support for investigating new markets.