RMS’ New Data Solutions Deliver Real Time, Site-Specific Insights

Location Intelligence API and SiteIQ, employ RMS models and rich data layers built into the vendor’s Risk Intelligence platform.

(Image source: SiteIQ homepage.)

RMS, a Newark, Calif.-based global risk modeling and analytics firm, has announced the availability of two new data solutions hosted on RMS Risk Intelligence (RI), the vendor’s strategic risk platform. These solutions, Location Intelligence API and SiteIQ, employ RMS models and what the vendor characterizes as rich data layers built into the RMS platform. RMS characterizes the new solution as addressing growing pressure for carriers to make critical underwriting decisions quickly. The new solutions enable primary underwriters to quickly gain a deeper understanding of all hazards facing any property in their global portfolio, providing confidence and accuracy in risk-based decision making, with just a few key strokes, according to the vendor.

Chris Folkman, Senior Director, RMS Model Product Management. 

“Rich, comprehensive analytics used by top global (re)insurers to place billion-dollar bets on cat risk never made their way to the primary underwriting desk—that changes today,” comments Chris Folkman, Senior Director, RMS Model Product Management, “Whether it’s for hurricane or wildfire risk, flood zones or building attributes, through the RMS suite of data solutions, underwriters can decline or cede risks that don’t meet their risk appetite, price more accurately, and avoid adverse selection.”

When there is insufficient time to run catastrophe risk models, the RMS Location Intelligence API rapidly delivers underwriters with granular, location-specific information compiled from big data simulations of catastrophic events, an RMS statement says. The company notes that it has released an expansive data offering, and that the API delivers the latest model science from across the RMS Model Suite. “Now, underwriters can tackle competitive risk selection and price accordingly for risk across U.S. wildfire, flood, tropical cyclones, and earthquake,” the statement says. “Linking into insurers’ underwriting systems, this API facilitates instant access to the most sophisticated hazard, exposure and loss data derived from RMS best-in-class modeling.”

Application For Site-Specific Hazard Scores, Risk Scores And Loss Costs

Karen White, CEO, RMS.

RMS describes SiteIQ as allowing underwriters to simply enter the address of a specific location for instant hazard scores, risk scores, and loss costs, as well as view high resolution hazard maps; enabling users to assess single risks in the context of their current portfolio. Designed to be intuitive, according to the vendor, the application draws on rich data and model science accessed directly from the RMS Location Intelligence API and can integrate key third-party data allowing users to view information such as crime scores or fire protection. Entire accounts or portfolios can be imported to SiteIQ, with the application allowing hazard scores to be viewed for multiple locations. This allows users to quickly identify any outliers, moving their focus to the most important or hazardous risks, the vendor says

“We have listened to the market, and to our clients,” comments Karen White, CEO, RMS. “We know that there are times when full in-depth analysis is essential and there are times when immediacy of information is paramount. With our expanding suite of data solutions, a consistent and superior view of risk from underwriting up to portfolio management is now possible. RMS Location Intelligence API and SiteIQ can deliver immediate results at the times when they are needed the most for our clients.”

RMS Launches Risk Intelligence Platform for The Risk Market

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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