When RMS developed its recently unveiled software platform RMS(one), the catastrophe modeling firm had a wide range of potential users in mind—many of whom are not accustomed to tinkering around with technical models, firm representatives say.
Executive SummaryRMS SVP Claire Souch explains how RMS(one)—the firm's cloud-based exposure and risk management software platform—will give clients greater ability to evaluate modeled and non-modeled perils in one place along with computing power to analyze what-if risk scenarios in minutes. It also has the potential to lower the overhead cost of buying year-round in-house computer capacity, which is only really needed at peak renewal times, she says.
“We spent a huge amount of time with clients, interviewing different types of users within the client [companies] to understand what metrics they want to see and why,” says Claire Souch, senior vice president of model solutions at RMS, referring to insurance and reinsurance company professionals ranging from catastrophe modeling specialists and field underwriters all the way up to chief underwriting officers, chief risk officers and even chief executive officers.
Based on the interviews, RMS built “very customizable but also very targeted collections of dashboards and analytics” that are tailored to those different mindsets, Souch says. While a carrier’s hardcore modeling specialists will want detailed risk analytics, a member of the C-suite who is “more profit- or return-oriented [can] get a high-level overview of the complete book and also see immediately flags of things that look concerning.”
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