Late last week, RMS unveiled RMS(one), describing it as an “environment” that will allow insurance companies to manage all of their risk models, exposures and analytics on a single, open platform in real time.
The unveiling came during a client conference in Boston attended by more than 900 industry professionals, according to a media statement which indicated that RMS(one) will be generally available in Spring 2014.
RMS also said it was opening the platform to third-party catastrophe model providers, noting that the first three partners implementing models on RMS(one) are ERN, JBA Risk Management, and Risk Frontiers.
- ERN provides models for earthquake and other perils throughout Latin America
- JBA Risk Management is particularly known for its flood models.
- Risk Frontiers is an independent research center specializing in Australia and Asia-Pacific natural hazard risks.
With RMS(one), companies will be able to operate RMS, third-party, and their own proprietary catastrophe models for the first time in a single environment, enabling them to build a deeper and more complete view of their risk, RMS said.
Hemant Shah, co-founder and CEO of RMS, said, “For the first time in the insurance industry, companies will have the freedom and flexibility to access a wider range of modeling capabilities from RMS, their own modelers and from the modelers of others across the ecosystem.
“RMS(one) will dramatically crush latency from months to minutes, which will streamline a company’s modeling, underwriting and portfolio management processes,” he added, stressing the increased “agility and responsiveness” for users operating in a competitive insurance market.
Shah promised that “RMS(one) will provide intuitive, enterprise-wide access to real-time risk intelligence, enabling decision-makers at every level of the organization—from risk analysts to the CEO— the opportunity to ask questions and get answers in real time.”
He also said the data will be available on-demand on a range of mobile devices, with risk metrics specifically tailored to each user’s needs.
RMS said the functionality is made possible by a proprietary analytical operating system, RMS AoS, and a runtime environment built for the global insurance industry, the RMS Cloud.
RMS AoS enables real-time interrogation of customers’ large-scale exposure and model results.
The RMS Cloud provides the reliable big data infrastructure in a manner that preserves privacy and secure segregation of customer data.
This is all done on a single transparent, flexible platform in an efficient, secure and auditable way.
Referring to the third-party partnerships, RMS said they will provide RMS clients with access to new modeling capabilities—including Mexico hurricane from ERN, Thai flood from JBA Risk Management, and Australia flood and bushfire from Risk Frontiers. They will also offer alternative views of risk where RMS has existing models.