NEWARK, Ca–(BUSINESS WIRE)–RMS®a Moody’s Analytics company and global leader in risk modeling and solutions, announces the launch of a new application, UnderwriteIQ™hosted on the cloud-based RMS intelligent risk platform™. UnderwriteIQ enables underwriters to have better risk control by bringing together risk, exposure and loss data in the underwriting process at the point of decision – all based on science and RMS model data. The new application will allow underwriters to price with confidence, make consistent risk decisions and improve operational efficiency.
The application is hosted on the modular and unified RMS Intelligent Risk Platform (IRP). The platform provides proprietary and tertiary data analytics to quickly generate high-resolution risk insights through applications that meet underwriting and portfolio management needs.
Moe Khosravy, Executive Vice President, Software and Platform, RMS, said, “The growth in adoption of the RMS intelligent risk management platform has been phenomenal. A significant number of customers benefit from the secure cloud-based platform that provides superior advanced analytics through a single holistic enterprise risk management system, without the hardware and software maintenance required for on-premises offerings. IRP easily integrates into existing systems and its modular design allows users to license and use only required applications or APIs. »
UnderwriteIQ is the latest addition to the RMS IQ suite of applications, which also includes TreatyIQ™ and ExposureIQ™.
The TreatyIQ app allows users to quickly design and analyze simple and complex treaty program structures, as well as import and leverage any modeled loss data, tailored to a user’s view of risk . An intuitive, underwriter-centric user experience supports custom pricing and capital metrics and can display quick aggregation results, with analytics on overall positions and venture capital performance.
ExposureIQ allows users to manage both reinsurance and insurance accumulations in a single application, creating structures that represent their business hierarchies in an intuitive way. The app also provides near real-time visualization of catastrophic events using a powerful mapping module that directly integrates RMS Event Response and RMS HWind data.
ExposureIQ makes enterprise-wide exposure management faster and more accurate, enabling easy identification of key drivers of portfolio accumulations and trends, and deterministic loss analysis in any region of the world.
Michael Steel, Managing Director, RMS, concluded: “The RMS Intelligent Risk Platform has gone from strength to strength since its launch in 2018, as evidenced by its adoption in the insurance market. Powered by RMS models, science and technology, UnderwriteIQ is a welcome addition to the existing IQ application suite, delivering business value, end-to-end consistency and improved customer experience. RMS plans to always continue to invest and provide the technology, science and solutions that help our customers make better risk decisions.
Risk Management Solutions, Inc. (RMS), a Moody’s Analytics company, shapes the global view of risk for insurers, reinsurers, financial services organizations and the public sector. We empower organizations to assess and manage global risks from natural and man-made disasters, including hurricanes, earthquakes, floods, climate change, cybersecurity and pandemics. RMS models underpin the nearly US$2 trillion P&C insurance industry and many insurers, reinsurers and brokers around the world rely on the science of RMS models.
RMS pioneered the catastrophe risk industry and continues to lead innovation by delivering unparalleled science, technology, and more than 300 catastrophe risk models. Multi-industry leaders can tackle tomorrow’s risks with the intelligent RMS risk management platform™the only open cloud with collaborative apps and unified analytics that can drive excellence in risk management across organizations and industries.
Further supporting the industry’s transition to modern risk management, RMS spearheaded the Risk Data Open Standard (RDOS), a modern, open data schema designed to be an extensible and flexible asset in modeling/analytics systems.
RMS is a trusted solutions partner, enabling effective risk management for better business decision-making in risk identification and selection, mitigation, underwriting and portfolio management.
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RMS is a subsidiary of Moody’s Corporation (NYSE: MCO) and operates within the Moody’s Analytics business segment. Moody’s Analytics is operationally and legally separate from credit rating agency Moody’s Investors Service.