On Tuesday, RMS announced that it will release version 1.0 of RMS(one), the company’s exposure and risk-management platform, on Apr. 15, 2014.
All RMS catastrophe models, as well as select models from RMS ecosystem partners, will be available on RMS(one) version 1.0. In addition, RMS(one) sets the stage for the new generation of high-definition models.
RMS also announced that Applied Research Associates, Inc. (ARA) intends to make its U.S. hurricane catastrophe model available on RMS(one). ARA’s hurricane catastrophe model, HurLoss, is one of only four commercially available models certified by the Florida Commission on Hurricane Loss Projection Methodology. The ARA hurricane model has been used in multiple pioneering studies on wind-loss mitigation for the past 15 years.
On Feb. 25, 2014 RMS will launch the last beta test of RMS(one), which includes all of the major functionality that will be available at GA.
Leading up to the Apr. 15, 2014 general availability (GA) date for RMS(one), RMS said it worked with 1,000 people from more than 30 leading insurers, reinsurers and brokers worldwide to develop, test and validate RMS(one) through the company’s Joint Development Partner (JDP), Early Access Partner (EAP) and FastStart programs.
As an open platform, RMS(one) enables clients and other modeling organizations to implement their own catastrophe models so that they can be operated seamlessly alongside RMS models. This ability to run multiple models in a single platform will provide insurers and reinsurers with dramatic improvements in operational efficiency, RMS contends, noting that the platform enabling users to access and use models from a broader range of providers than they could in the past.
Commenting on the ARA’s decision to participate on the RMS(one) platform, ARA executive vice president, Dr. Lawrence Twisdale, said that partnering with RMS to deliver HurLoss on RMS(one) will provide significant, operational benefits for ARA’s clients. “We are very excited by the opportunity to give our clients a new option for accessing the ARA model while we continue to deliver our model as either an ARA-hosted or client-hosted product,” he said in a statement.
ARA joins third-party model providers Risk Frontiers, ERN and JBA Risk Management, who collectively are implementing catastrophe models for 40 peril/country combinations on RMS(one). This growing ecosystem of non-RMS models on RMS(one) provides clients with new modeling capabilities not currently available from RMS, as well as alternative views of risk in areas already covered by RMS models, RMS said.
Hemant Shah, co-founder and CEO of RMS, said: “By empowering our clients to define their own models, use our models and access the models of growing ecosystem of partners, RMS(one) serves as the one true exposure and riskmanagement platform.Existing solutions cannot do this.”