RMS, after months of additional fine-tuning and ironing out kinks, is ready to roll out cloud-based catastrophe risk management system RMS(one) through 2016, co-founder and CEO Hemant Shah said on Jan. 12.
“We have been working on this now for several years and we’re determined to get it right,” Shah told Carrier Management during the Property/Casualty Insurance Joint Industry Forum in New York City. “It is a pretty fundamental set of software and analytic technology that we are developing, and we will now be delivering over the course of calendar year 2016, with releases later in 2016 to our customer base.”
California-based RMS had been set to release RMS(one) in 2014, driven by a goal of making an impact with a product it touts as transformative to the cat modeling/insurance industries. The company ended up delaying a formal launch, in part to address kinks. Interim plans included allowing clients to work with RMS(one) in a pre-production environment.
In the months since, Shah said that researchers have focused on covering all their bases.
“There has been a lot of work to make sure the underlying technology platform is suitable not only for delivering our CAT models but can serve as a fundamental exposure management system for our clients,” Shah said. “It is not just about capturing the data we need as a modeler to quantify risk using our models. It’s [about] how you create a system that can provide an expressive, open and extensible way of capturing insurers” business processes.
This includes the underlying exposure and details across multiple lines of business, how contracts are written, and how models can be expressed on top of that analytic architecture, Shah said.
He added: “This is what we have been working to make sure we get absolutely right before we release it broadly.”
Hemant Shah also spoke about RMS plans for cyber risk modeling. For more, click here.