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Loss Costs

The Cutting Edge of Data-Driven Underwriting

RMS Loss Costs are distilled from terabytes of catastrophe simulation data, enabling real-time, ultra-high-resolution insight. The RMS Location Intelligence API can provide this insight quickly, accurately, and with minimal technical overhead. Simply send an address or coordinates with optional details on building attributes and the API returns a loss cost. Full documentation is available to support the scientific assumptions underlying each metric, and API-based implementation is frictionless, simple, and fast.

Benefits

loss-cost

Refine Risk Pricing

Ensuring price adequacy is critical to profitability. Natural catastrophe pricing is particularly challenging due to the lack of historical claims. By using data derived from  RMS best-in-class risk models, loss cost data can be used at the point of underwriting to provide location-level refined risk pricing.

Streamline Automation

RMS Location Intelligence API is designed to return data instantaneously. This allows users and automated underwriting portals to access industry-leading model science in real-time to help underwrite and price risks appropriately.

Account for Vulnerability

Different building stocks can exhibit significantly different loss potential, even when exposed to the same hazard. RMS loss cost data enables users to benefit from the information that is known about a risk to help fine-tune pricing, informed by claims data and engineering studies.

Ensure Consistency

RMS Loss Cost data enables users to access the same science that underpins our probabilistic models at the point of underwriting, to help eliminate the use of disparate data driving inconsistent decisions across the insurance workflow.

Available Perils

  • Earthquake
  • Flood
  • Hail
  • Storm Surge
  • Terrorism
  • Tornado
  • Wildfire
  • Wind
  • Winterstorm

Deductible Support

Need to provide multiple deductible options? Use our fast API to get the deductible-adjusted results in milliseconds.

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Resources

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Jordan Byk
Video
Importance of High-quality Data

Jordan Byk, Senior Director of Product Management, discusses the importance of high-quality data.

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Chris Sams
Video
Purpose-built Geocoding Data

Chris Sams, Senior Product Manager, discusses the importance of purpose-built geocoding data.

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Oliver Smith
Video
Quality Data at Speed

Oliver Smith, Senior Product Manager, discusses the importance of quality data at speed.

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The data difference
Exposure Magazine
The Data Difference

The value of data as a driver of business decisions has grown exponentially as the importance of generating sustainable underwriting profit becomes the primary focus for companies in response to recent diminished investment yields. Increased risk selection scrutiny is more important than ever to maintain underwriting margins. High-caliber, insightful risk data is critical for the data analytics that support each risk decision The insurance industry is in a…

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20-20 vision
Exposure Magazine
Underwriting With 20:20 Vision

Risk data delivered to underwriting platforms via application programming interfaces (API) is bringing granular exposure information and model insights to high-volume risks The insurance industry boasts some of the most sophisticated modeling capabilities in the world. And yet the average property underwriter does not have access to the kind of predictive tools that carriers use at a portfolio level to manage risk aggregation, streamline reinsurance buying…

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underwriting
Publications
RMS Data for Underwriting

Carriers want to write better risks, reduce underwriting frictional expense, and build consistency within their portfolios. RMS® Data for Underwriting is  a rapidly expanding suite of data delivered instantly at the point of underwriting.

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