Moody’s Enhanced Risk Data: Enabling Seamless Access to Catastrophe Model Insights in the Intelligent Risk Platform

With an ever-evolving catastrophe risk assessment landscape, an insurance industry moving toward data-driven decision-making, and the growing use of cloud-native technology, demands for more detailed, accurate data have never been higher.

To help, Moody’s has now made a full suite of Enhanced Risk Data available in the Moody’s Intelligent Risk Platform. But what exactly is Enhanced Risk Data?

Clients have trusted Moody’s as a data and analytics provider for many years and have used our premises-based applications such as RiskLink and RiskBrowser to access data insights.

These tools deliver the necessary data assets to support clients’ comprehensive catastrophe risk assessment needs.

These insights are enhanced by detailed probabilistic models, a prime example is Enhanced FEMA Flood Data and our U.S. flood hazard data, which has been instrumental for clients during the underwriting, portfolio, and exposure management of flood business within our premise-based offerings.

However, the use of traditional on-premises solutions does come with certain limitations. The need for significant hardware investments often constrains scalability, and updating or expanding data sets can be cumbersome, requiring time-consuming deployments and installations.

These constraints can hinder the ability to adapt quickly to new, increasing demands for high-resolution data and more sophisticated analytical capabilities. The static nature of on-premises applications can also limit access and stifle flexibility, making it challenging for clients to integrate new data insights seamlessly into their workflows.

Recognizing the need for more advanced and scalable solutions, we have made the same analytics available in these premise-based applications within the Intelligent Risk Platform.

Offering complete parity, the Enhanced Risk Data used within the Intelligent Risk Platform is familiar to those using data in our existing premises-based applications – but it doesn’t stop there.

Embracing the Cloud: Access to Enhanced Risk Data in the Intelligent Risk Platform

The cloud-native technology underpinning the Intelligent Risk Platform has enabled us to expand the catalog of data and analytic capabilities available to clients.

This is achieved without worrying about the complexities of adding new fields to the Exposure Data Module (EDM), changes to the user interface that would require new deployments or installations of premise-based software, or the need for additional hardware investments to support the size of increasingly high-resolution data sets by our clients.

Breaking free from legacy on-premises software applications to embrace the cloud has allowed us to go beyond parity to deliver new catastrophe data insights across the breadth of the Intelligent Risk Platform, including our Risk Modeler and UnderwriteIQ applications, with the roll-out to ExposureIQ scheduled for later this year.

This shift not only enables us to deliver catastrophe risk analytics to each of our persona-driven applications, addressing a variety of business challenges and enabling the use of consistent analytics across the platform, but it also extends the availability of analytics beyond the perils and regions previously available to ensure that our clients can access the latest data and analytics with ease and flexibility.

Introducing Enhanced Risk Data within the Intelligent Risk Platform marks a significant milestone in our journey to provide superior data solutions; clients can understand their exposure and the hazards impacting those exposures more comprehensively than ever.

For example, clients using Risk Modeler can now assess flooding risk for locations within portfolios that fall outside of modeled territories, by returning flood hazard metrics from our Global Flood Data to the EDM for any location globally.

This can better contextualize or explain model losses, or begin assessing the impacts of a peril that a client does not currently have a licensed model for, to understand the potential impact of non-modeled exposure.

Using the UnderwriteIQ application, clients can optimize workflows and automate decision-making based upon guidelines that leverage the same analytics underpinning our probabilistic models, to effectively utilize resource and modeling capabilities.

For ExposureIQ, clients will be able to assess the accumulation of exposure, not only by geographic territory but also based on the impact of given hazards and risk metrics that help to indicate the materiality of the perils and create an additional layer of insight.

Access to Enhanced Risk Data across the Intelligent Risk Platform suite will enable the seamless use of a common set of analytics that can be used from underwriting to portfolio management, and the Enhanced Risk Data capabilities can be leveraged to allow clients access to over 40 unique data layers across all major catastrophe perils in every region globally, including:

• Enriched Exposure Data: Access to exposure data for over 112 million U.S. properties across residential and commercial lines of business, including recent advancements from Moody’s award-winning Commercial Real Estate (CRE) database to fill in gaps in building attributes, or compare with data that has already been provided to enhance on-ward risk modeling.
• Hazard Data: Access to a wide range of hazard datasets that assess the impact of perils like floods, earthquakes, hurricanes, and wildfires.
• Risk Scores: Access to simple and easy-to-use risk scores between 1-10 that provide views of risk for given perils considering the exposure details of each location and how that impacts the risk from a given peril. For example, a wood frame location built in 1970 may experience a different risk score than a reinforced concrete hotel even when exposed to the same hazard.

To learn more about improving the quality of your risk analytics with Enhanced Risk Data, please contact your Moody’s client success manager or sales representative.