(RMS CEO delivering the keynote address at Exceedance 2019 in Miami.)
RMS (Newark, Calif.) unveiled Risk Intelligence, which the vendor describes as an open and flexible platform built to enable better risk management and support profitable risk selection, at its Exceedance 2019 conference in Miami. RMS announced that it is sunsetting the RMS(one) platform.
“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,” commented Karen White, CEO, RMS. “We are introducing RMS Risk Intelligence, an open, modular, future-proof platform for the evolving risk market. 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.”
Among the key benefits of RMS Risk Intelligence, are the following, as described by the vendor:
- Advanced Risk Model Execution Services combining RMS core RiskLink models as well as RMS HD models;
- Risk Data Lake, a repository that can securely unify rich RMS data with re/insurers data and third-party data;
- Powerful analytics with modular REST APIs that can re/insurers to integrate RI into in-house or other third-party applications; and
- Intuitive applications that can deliver risk insights directly to the enterprise users such as risk analysts, primary or treaty underwriters or portfolio and exposure managers.
RMS Risk Intelligence utilizes big data through a unified Risk Data Lake that contains RMS risk models and rich data layers to enable more advanced analytics and greater flexibility, according to the vendor. Because RMS Risk Intelligence utilizes the Risk Data Lake, as opposed to a data warehouse, RMS says that any raw data is now highly accessible, flexible, dynamic and always up-to-date. The vendor says that the Risk Data Lake that powers Risk Intelligence can be leveraged for rich analytics and 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 all under one unified platform.
RMS Risk Intelligence supports risk applications, through the APIs and directly through SQL. Currently Risk Modeler v1.11, the new RMS U.S. Inland Flood HD Model and RiskLink Version 18 models, are live on Risk Intelligence. Other risk applications, such as SiteIQ and ExposureIQ, HD and Risk Link models, are planned by the vendor to also be released on Risk Intelligence.
New platform, new apps
SiteIQ, also announced at Exceedance 2019, is a risk application designed to synthesize complex risk data, including interactive maps, for a single location, allowing underwriters and coverholders to immediately gain a deeper understanding of property risk. RMS reports that general availability will begin in June 2019. Location Intelligence API and ExposureIQ will also be available in June, the vendor says.
“RMS intends to continually deliver the best models and user experience for all our clients,” comments Cihan Biyikoglu, executive VP, RMS. “RMS Risk Intelligence accesses our Risk Data Lake to allow an extensible, interoperable and modular approach. Apps such as the forthcoming Site IQ and ExposureIQ, as well as REST APIs demonstrate our commitment to fully address the issues our clients are facing today.”
“RMS Risk Intelligence is a robust, practical long-term solution to meet the client needs of today and the risk demands of the future,” adds RMS CEO White. “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.”