RMS Debuts New Exposure Management Solution on RMS(one)

RMS says its new exposure analytics solution has been developed to give firms a much clearer view of their risk accumulations to better manage volatility.

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RMS (Newark, Calif.) has released Exposure Manager, an analytical solution designed to enable insurance and reinsurance companies to maximize value from their exposure data. The new offering is the first solution to be released on the RMS(one) platform and is now available to all insurance and reinsurance firms and brokers.

An Ovum study of 300 insurers based in the U.S. and the U.K. commissioned by RMS found that 61% percent of respondents believe that their risk exposure management practices need improving. Thirty-eight percent of respondents said that they are operating their business with a limited view of exposure across their enterprise.

Eric Yau, general manager, RMS Software.

Eric Yau, General Manager, RMS Software.

RMS commissioned independent research to understand a given company’s pain points in their exposure management practices, according to Eric Yau, general manager, RMS Software business. “To address the gaps left by other exposure management tools, we’ve used best-in-class technology to develop a solution that will enable anyone company-wide to not only analyse their firm’s exposure data quickly, but also to easily adopt a more deliberate approach to understanding the factors driving their firm’s risk headline numbers,” Yau comments.

RMS says its new exposure analytics solution has been developed to give firms a much clearer view of their risk accumulations to better manage volatility. The vendor claims to have achieved that objective by integrating its flagship Financial Model, used by its catastrophe models, into Exposure Manager, enabling the software to deliver a consistent view of risk across an organization. The Exposed Limit metric produced by Exposure Manager, provides a complementary and consistent perspective to the output generated from risk models, by RMS’s description, and the resulting consistency helps to increase a firm’s confidence when submitting modelled and non-modelled numbers to external stakeholders.

Flexible and Intuitive

RMS reports that it has designed the Exposure Manager user interface to be flexible and intuitive and utilize the extensive library of RMS hazard layers to democratize access to its analytics across the firm. Users at all levels of a firm can easily drill into drivers of loss and build portfolio-level insights knowing their insights are backed by science, the vendor asserts. “This new capability, not previously available to firms, can help them manage their exposures more dynamically to help avoid being surprised by high losses, as well as make better use of their capital,” a vendor statement elaborates. “The Exposure Manager solution is also designed to strengthen a firm’s response to catastrophe events by quickly enabling teams to identify their affected contracts in the catastrophe-impacted areas via access to RMS and HWIND event footprints.”

“I am delighted that our first solution on the RMS(one) platform is now available to the industry,” RMS’s Yau, adds. “The release of Exposure Manager is a significant milestone in the RMS(one) product roadmap and will be followed next year by our second platform solution Risk Modeler. The need to calculate Exposed Limit in a consistent and credible manner is crucial to our clients’ business, and it’s this capability that sets apart Exposure Manager from all other exposure management tools.”

Michael Daly, SVP and CUO, Mitsui Sumitomo Marine Management USA, comments: “RMS Exposure Manager will give us the speed to calculate key metrics and deliver them in an easy to use and intuitive interface, allowing us to derive insights and build intuition into our diverse risk portfolio.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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