Technical Blogs
When you choose Moody's RMS, you gain experience, expertise, and support from Moody's RMS across your business. Technical blogs share product release updates, including new APIs to integrate with Moody's RMS applications and automate your workflows. They also include detailed technical information about new features and capabilities and new administrative tools to help manage your tenant.
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What's New on the Moody’s RMS Intelligent Risk Platform: March 2023
During March, we made a major model announcement as we continue to advance Moody’s RMS Intelligent Risk Platform™ (IRP), the open, modular, and cloud-native digital foundation for Moody's RMS models, data, applications, and unified risk analytics. The platform provides us with the flexibility to introduce and roll out innovative new products to the market, and in March we were excited to announce the launch of Moody’s RMS Europe Windstorm High Definition (HD) Models as well as new workflow enhancements to applications on the IRP including Risk Modeler™, ExposureIQ™, and Data Bridge. Risk Modeler Moody’s RMS Europe Windstorm HD Models Release With windstorms representing a peak natural catastrophe peril across much of Europe, having a high-quality view of European windstorm risk is a prerequisite for successful insurance risk management. The new Moody’s RMS Europe Windstorm HD Models now update all aspects of windstorm and storm surge modeling in the region, to deliver the most up-to-date view of windstorm risk across 17 countries that together represent over 98 percent of property gross written premium for Europe. For Risk Modeler clients, by licensing the new Europe windstorm models, you benefit from the following workflow changes and enhancements: New HD windstorm profile for Europe Three sets of vulnerability curves designed to sample the uncertainty inherent in creating vulnerability curves, and a new feature to combine these sets in the Model Composer Multiple climate variability sensitivity options (simulation sets) Updated catalog of over 900 historical event recreations New hazard return period data for wind gust and coastal flood inundation depth New causes of loss categories for Europe windstorm insurance policies, including wind-and-water, wind only, storm surge, and flood damage. New HD Aggregate Level Model (ALM) profiles for exceedance probability analyses, with HD ALM profiles for scenario analyses available in a future update. Support for specialty models For more information about the model release, check our series of blogs about Europe Windstorm: Moody's RMS Europe Windstorm HD Models Unify Climate Modeling to Enhance Risk Selection Across the Continent Five Ways RMS HD Modeling Helps You Manage European Windstorm Risk Then and Now: Fifty Years after Quimburga One Year Since Dudley, Eunice, and Franklin: Understanding Windstorm Clustering in Europe Workflow Enhancements to Risk Modeler and Data Bridge In addition to the release of the Europe Windstorm HD models, Moody’s RMS has added new workflow enhancements to Risk Modeler and Data Bridge: Aggregate Deductibles and Limits for Standard Policies in HD Models: The HD financial model can now support policy aggregate annual deductibles and limits to help you better understand net losses. (Risk Modeler) Event Selection for Non-EP HD Model Profiles: Limitations on the number of events you can enter or paste in the search field for non-EP event selection in HD model profiles has been removed. You can now enter or paste a maximum of 1,000 event IDs in a comma-separated list of events. (Risk Modeler) Exposure Summary Report for Workers’ Compensation Exposures: For the catastrophe modeler, risk analyst, and portfolio manager roles in Risk Modeler, they can now build a report that summarizes worker compensation exposures. (Risk Modeler) Expanded PLT Export Capabilities: Added new period loss tables (PLT) granularities for the EP outlook, including Admin2, country, CRESTA, and Postal Code. (Risk Modeler) Import RDM Databases from Data Bridge: The catastrophe modeler, risk analyst, and portfolio manager roles can import Results Data Modules (RDMs) stored in Data Bridge to Risk Modeler. (Risk Modeler and Data Bridge) Compress the Size of Third-party Databases: Shrink any database uploaded, imported, or created on Data Bridge other than Moody's RMS reference databases. Shrinking a database compacts the size freeing up storage on the server for other databases. (Data Bridge) ExposureIQ Map Specific Area Accumulation Results Figure 1: ExposureIQ application screenshot - specific area accumulationYou can now map the results of a specific area accumulation within ExposureIQ, to view the distribution of events across the entire map and map a specific event to closely analyze its locations. Both views show the magnitude of gross loss as different color shades, the darker the shade of an event or location, the greater its loss. Figure 2: Moody's RMS Intelligent Risk PlatformFor additional information on Risk Modeler, ExposureIQ, or any of the IQ applications on the IRP, please visit the Intelligent Risk Platform webpages. You can also access release notes on Support Center – Moody’s RMS client support portal.
What's New on the Moody’s RMS Intelligent Risk Platform
Offering an open, modular, and cloud-native digital foundation for Moody's RMS models, data, applications, and unified risk analytics, Moody’s RMS Intelligent Risk Platform™ (IRP) delivers the flexibility to continually introduce and roll out innovative new products to the market. When new collaborative applications are added to the IRP, they benefit from the platform’s robust risk analytics and in-depth risk data, as the IRP brings together a trusted data repository, and open application programming interfaces (APIs) to help deliver better business outcomes. During February, we made several big improvements for two of the IRP applications, including Risk Modeler™ and ExposureIQ™. Let’s dive into some of the updates. ExposureIQ Creating Custom Map Layers for Target Locations with Specific Area Accumulations Within ExposureIQ, users can now create custom map layers containing target locations, such as embassies, major hotels, or ports, to find exposure around a specific location. Once the exposure is identified this latest release also includes ‘Specific Area’ accumulations to quantify the exposure, calculated by applying damage factors for each custom damage band (radius) encircling a target. These custom map layers will soon be expanded – exclusive to ExposureIQ, to enable the upload of custom shapefiles to display on the map and to view accumulations. Figure 1: Custom map layers within Moody's RMS ExposureIQBy running a specific area accumulation, ExposureIQ users can identify the exposure within targets on a custom map layer based on different damage factors applied to each target’s damage bands. This type of accumulation analysis is typically used for terrorism and other concentrations of risk around specific targets. Figure 2: Assigning damage settings in ExposureIQNew Damage Factor Filters Flexibility around damage settings in ExposureIQ has increased to enable users to create more sophisticated accumulation scenarios. Using these more flexible damage settings helps ensure existing accumulation scenarios are more realistic by applying damage based on primary characteristics, or for non-modeled regions, flexible scenarios can be created based on the hazard and the primary characteristics. Measure Distance on the Map When viewing locations on a map in ExposureIQ, you can now measure the straight-line distance between two locations or a location and an event/target. This helps you understand the distance between a location being considered for underwriting and an accumulation event, another insured location, or a geographical feature. Risk Modeler New Profile Settings for Risk Modeler In the latest Risk Modeler update, analysis settings have been enhanced to include new default and individual model settings to improve the analysis workflow. This makes it easier to save and access model parameters used for day-to-day analyses. Risk analysts and portfolio managers can now configure their profile settings to suit their own analyses. Catastrophe modelers can now also configure their own settings as well as apply tenant-level analysis settings to all users. These new profile settings streamline and accelerate access to the corporate view of risk and help drive more consistency in how risk is analyzed across the organization. Join our IQ Application Preview Programs Have you signed up for the IQ Application Preview Program? We are looking for clients who would like to provide feedback on some of our new Moody's RMS underwriting solutions, including a preview program to test Moody’s RMS UnderwriteIQ™ application and Business Hierarchies in ExposureIQ. If you join the program, you’ll have the opportunity to test and influence the roadmap for the following solutions: UnderwriteIQ: Built for insurance underwriters looking to integrate Moody’s RMS deep science and modeling into their underwriting and risk pricing strategy, UnderwriteIQ delivers flexible, powerful account-level modeling capabilities with low latencies. A cloud-native and collaborative underwriting analytics solution, it is fully integrated with Risk Modeler to help understand the marginal impact on a portfolio and other Intelligent Risk Platform applications. ExposureIQ Business Hierarchies: ExposureIQ currently provides powerful accumulation analytics and real-time event response capabilities. With the addition of Business Hierarchies, exposure managers can get a complete view of exposures across multiple books in a rolled-up view and can quickly identify organization-wide exposures across both insurance and reinsurance entities, to improve portfolio management decisions. Backed by the sophisticated Moody's RMS financial model, customers will soon be able to apply complex inward and outward reinsurance structures for a true view of net reinsurance right up to the group level. Over the next couple of weeks, customers will have the opportunity to preview these applications for feedback. If you are interested, please contact preview@rms.com. Figure 3: Moody's RMS Intelligent Risk PlatformFor additional information on Risk Modeler, ExposureIQ, or any of the IQ applications on the IRP, please visit the Intelligent Risk Platform webpages. You can also access release notes on Support Center – the Moody’s RMS client support portal.
What's New on the RMS Intelligent Risk Platform?
As Moody’s RMS continues to advance the RMS Intelligent Risk Platform™ (IRP), the open, modular, and cloud-native digital foundation for RMS models, data, applications, and unified risk analytics, the flexibility offered by the platform allows us to introduce and roll out innovative new products to the market. New collaborative applications added to the IRP benefit from the platform’s robust risk analytics and in-depth risk data, as the IRP brings together a trusted data repository, and open application programming interfaces (APIs) to help deliver better business outcomes. This month we are excited to announce the launch of Moody’s RMS TreatyIQ™, a brand new treaty underwriting application as well as Moody’s Climate on Demand version 2, which provides financial services firms with a forward-looking view of an asset’s exposure to a range of physical climate risks. Introducing TreatyIQ TreatyIQ is an application built for reinsurance underwriters looking for deep treaty program pricing and analytics. With advanced financial modeling and flexible pricing formulas including marginal impact, combined ratio, and return on capital, the application empowers underwriters to make more discerning risk selection decisions for improved portfolio performance. Figure 1: TreatyIQ application screenshotTreatyIQ offers game-changing portfolio roll-up performance for monitoring risk positions and analyzing risk drivers, to speed up workflows, reduce costs, and improve technical pricing and profitability using real-time analytics. As an application on the IRP, TreatyIQ works alongside other applications including Risk Modeler™ and ExposureIQ™, which all share the same platform engines (e.g. financial engine) and a unified data store, resulting in exposure data, model updates, event response data, business hierarchies, and portfolio structures being available across all applications. The benefits of users collaborating using the IRP applications include: Users of the TreatyIQ and Risk Modeler applications benefit from catastrophe models running automatically as part of their program analysis, ensuring a consistent view of risk is applied to all submissions while reducing the dependency on cat modeling teams. Users of TreatyIQ and ExposureIQ applications can use the same portfolio hierarchies for portfolio roll-up and run accumulation analyses across their (re)insurance business, eliminating the need to duplicate data in a separate system to get modeled and model-independent insights. Learn more about TreatyIQ. Moody’s Climate on Demand Migrates to the Intelligent Risk Platform Moody’s Climate on Demand has joined Risk Modeler, ExposureIQ, SiteIQ™, and TreatyIQ as a cloud-native application hosted on the Intelligent Risk Platform (IRP). The new version 2 represents a major update that now combines RMS’s long-standing expertise in climate science, engineering, and financial modeling, and incorporates RMS flood hazard into the application’s risk-scoring methodology. This version lays the foundation for updates later this year that will include new ‘Impact Scores’ and ‘Financial Loss Metrics’ to provide more detailed insights into the cost of climate change, whether it is from damage to assets, business interruption, reduced productivity or increased running costs The Climate on Demand migration to the IRP will also deliver significant value to existing and new customers alike, as the platform supports built-in compliance for industry-recognized requirements such as GDPR, SOC 1 and SOC 2, ISO 27001, and C5 as well as service level agreements (SLAs) that provide higher uptime for applications. To stay up-to-date on new developments for Climate on Demand, you can visit the Climate on Demand site here or check out our latest blogs: Quantifying Financial Impact of Climate Risk with Moody’s Climate on Demand Understand Physical Climate Risk: Introducing Moody’s Climate on Demand Version 2 Quantifying Forward-Looking Flood Impacts: Moody’s RMS Climate on Demand Version 2 Join our IQ Application Preview Programs Have you signed up for the IQ Application Preview Program? We are looking for clients who would like to provide feedback on some of our new RMS underwriting solutions, including a preview program to test our RMS UnderwriteIQ™ application and Business Hierarchies in RMS ExposureIQ™. If you join the program, you’ll have the opportunity to test and influence the roadmap for the following solutions: UnderwriteIQ: Built for insurance underwriters looking to integrate RMS’s deep science and modeling into their underwriting and risk pricing strategy, UnderwriteIQ delivers flexible, powerful account-level modeling capabilities with low latencies. A cloud-native and collaborative underwriting analytics solution, it is fully integrated with Risk Modeler to help you understand the marginal impact on your portfolio and other Intelligent Risk Platform applications. ExposureIQ Business Hierarchies: ExposureIQ today provides powerful accumulation analytics and real-time event response capabilities. With the addition of Business Hierarchies, exposure managers can get a complete view of exposures across multiple books in a rolled-up view and can quickly identify organization-wide exposures across both insurance and reinsurance entities, to improve portfolio management decisions. Backed by the sophisticated RMS financial model, customers will soon be able to apply complex inward and outward reinsurance structures for a true view of net reinsurance right up to the group level. Over the next couple of weeks, customers will have the opportunity to preview these applications for feedback. If you are interested, please contact info@rms.com. For additional information on Risk Modeler, ExposureIQ, or any of the IQ applications on the IRP, please visit the Intelligent Risk Platform webpages. You can also access release notes on Support Center, Moody’s RMS client support portal.
What's New on the RMS Intelligent Risk Platform?
Moody’s RMS continues to advance the RMS Intelligent Risk Platform™ (IRP), the open, modular, and cloud-native digital foundation for RMS models, data, applications, and unified risk analytics. As a gateway to robust risk analytics and in-depth risk data, the IRP brings together a trusted data repository, collaborative applications, and open application programming interfaces (APIs) to help deliver better business outcomes. We released several updates to both the RMS Risk Modeler™ and RMS ExposureIQ™ applications in December. In this blog, we will demonstrate our commitment to our clients through continued investment in the latest science, technology, and data, with an update of both the new solution features and our improvements to existing capabilities. A major focus for our latest Risk Modeler and ExposureIQ release is to prepare for the introduction of our new RMS® Terrorism HD Model. This probabilistic terrorism model for property exposures will be available to clients in January. In addition to this new release, we have made several big improvements to existing capabilities, including some of the additions below: Improvements to the Results Data Module (RDM) Schema for HD Modeled Losses (Risk Modeler): As the RDM schema continues to be important for clients transferring modeled losses, the new update allows HD modeled losses to be easily included within RDMs. Updated 2023 Workers' Compensation Cost Severities (Risk Modeler): RMS has updated the U.S. workers’ compensation cost severity data for the calendar year 2023, to reflect the following changes in U.S. workers’ compensation: Incorporation of the latest state-level regulatory changes, wage levels, and benefit provisions per the U.S. National Council of Compensation Insurance (NCCI). Introduction of the latest demographic data from sources including the U.S. Census, the Centers for Disease Control and Prevention (CDC), and the U.S. Bureau of Labor Statistics. Incorporation of the latest NCCI medical claim cost data and state medical cost relativities. Export of Premium Hazard (Risk Modeler): With the November Risk Modeler release, users could return premium hazard data layers for our U.S. risk models together with selected European models including flood and earthquake. In this latest December release, users can now export that data to an Exposure Data Module (EDM) to understand, for example, the distribution of locations by hurricane risk score, establish how much exposure is at risk of flooding above a certain severity level, or compare the hazard profile of different portfolios. Simpler ‘What-if’ Analyses with Business-Wide Views (ExposureIQ): For ExposureIQ users enrolled in the Business-Wide Views preview program, RMS has added new functionality enabling users to create hierarchies by simply copying an existing hierarchy and editing it as needed. This approach allows users to quickly recreate a complex structure – helpful when several similar hierarchies are required to run 'what-if' accumulations. Finer Detail on Location Information for Exposures in Portfolios (ExposureIQ): This update helps simplify access to finer-grain location details for CRESTA, Admin3, and city data in ExposureIQ. You can find more details of these and all other improvements for Risk Modeler and ExposureIQ in our documentation available on the RMS client support portal - RMS OWL. Introducing the RMS Terrorism HD Model We expect to launch an important update to Risk Modeler during January, with the introduction of the new RMS Terrorism HD Model using the HD (high-definition) model framework to deliver probabilistic terrorism modeling for property exposures. For some twenty years, RMS has delivered the leading terrorism risk model to the market, and we’re excited to add this model to the RMS Intelligent Risk Platform alongside our other peril models. The RMS Terrorism HD Model uses Risk Modeler to provide terrorism modeling for property exposure on the Intelligent Risk Platform. The HD model execution framework also provides an option for probabilistic terrorism modeling, with countries supported by the Probabilistic Terrorism Model (PTM) including Belgium, Canada, Denmark, France, Ireland, Italy, Turkey, the United Kingdom, and the United States. Using the RMS HD framework allows the proprietary model methodology to consider a wide range of conventional and chemical, biological, radiological, and nuclear (CBRN) macro-scale terrorism events and increase modeling transparency. Such events include individual attacks as well as more complex swarm or cluster attacks across thousands of potential targets. Join our IQ Application Preview Programs Are you interested in providing feedback on some of our new RMS underwriting solutions? We have launched a preview program to test RMS UnderwriteIQ™, RMS TreatyIQ™, and Business Hierarchies in RMS ExposureIQ. Each application draws on more than 30 years of risk analytics leadership, to take advantage of our industry-leading models, data products, financial modeling, and a unified data store, to deliver impactful analytics across the insurance lifecycle, from primary underwriting to portfolio and cedant management. Join the program and you’ll have the opportunity to test and influence the roadmap for the following solutions: UnderwriteIQ: Built for insurance underwriters looking to integrate RMS’s deep science and modeling into their underwriting and risk pricing strategy, UnderwriteIQ delivers flexible, powerful account-level modeling capabilities with low latencies. A cloud-native and collaborative underwriting analytics solution, it is fully integrated with Risk Modeler to help you understand the marginal impact on your portfolio and other Intelligent Risk Platform applications. TreatyIQ: Built for reinsurance underwriters looking for deep treaty program pricing and analytics, TreatyIQ comes with advanced financial modeling and flexible pricing formulas to give underwriters actionable foresight of risk, by analyzing the marginal impact, combined ratio, and return on capital for every quote. TreatyIQ’s game-changing portfolio roll-up performance for monitoring risk positions, analyzing risk drivers, and assessing pricing performance, speeds up workflows, reduces costs, and improves technical pricing and profitability. ExposureIQ Business Hierarchies: ExposureIQ today provides powerful accumulation analytics and real-time event response capabilities. With the addition of Business Hierarchies, exposure managers can get a complete view of exposures across multiple books in a rolled-up view, and can quickly identify organization-wide exposures across both insurance and reinsurance entities, to improve portfolio management decisions. Backed by the sophisticated RMS financial model, customers will soon be able to apply complex inward and outward reinsurance structures for a true view of net reinsurance right up to the group level. Over the next couple of weeks, customers will have the opportunity to preview these applications for feedback. If you are interested, please contact info@rms.com. RMS Intelligent Risk PlatformFor additional information on Risk Modeler, ExposureIQ, or any of the IQ applications on the IRP, please visit the Intelligent Risk Platform webpages. You can also access release notes on RMS OWL – the RMS client support portal.
What’s New on the RMS Intelligent Risk Platform?
RMS® is constantly adding new capabilities to the RMS Intelligent Risk Platform™ (IRP), our open, modular, and cloud-native digital foundation for RMS models and unified risk analytics. As a gateway to robust risk analytics and in-depth risk data, the IRP brings together a trusted data repository, collaborative applications, and open Application Programming Interfaces (APIs) to help deliver better business outcomes. Also, the range of powerful, cloud-native applications hosted on the IRP allows multiple users to gain insights into potential hazards, exposures, and accumulations, and during November, RMS released an update to the RMS Risk Modeler™ application, focused on giving clients access to the latest technologies and the highest quality data. In this blog, we demonstrate our commitment to investing in the latest science, technology, and data, to provide an overview of both the new features and improvements to existing capabilities. Latest Release for Risk Modeler In our latest Risk Modeler release, we have introduced new premium hazard data layers along with several new updates to support these data layers, including geocoding and hazard retrieval, enhancements to the Exposure Data Module (EDM), and changes to our APIs. For Risk Modeler, in addition to these new features, we have also made several big improvements to existing capabilities, including: Expanded export capabilities for HD Modeling with metadata treaty results Workflow enhancements for marginal impact analysis that improve data governance Better search experience for databases and analysis results New Premium Hazard Data Layers for Risk Modeler With data so critical to effective risk selection and pricing decisions, November’s Risk Modeler update includes new premium hazard data layers that are seamlessly incorporated into the geocoding and hazard retrieval workflow. This allows Risk Modeler clients to run all licensed premium hazard services alongside running geocoding and hazard retrieval. At present, these data layers are available as a preview for all users. These layers will be turned off at the end of the preview for clients that have not licensed the data layers. The benefits of these premium hazard data layers include enhanced risk management practices through the monitoring of portfolio risk distribution across various cat perils, using effective, high-quality, and consistent data to help inform underwriting and risk selection decisions. The November update to Risk Modeler incorporates premium hazard data layers for our U.S. risk models and selected European models like flood, and earthquake, with additional premium hazard layers made available in future releases. The following new premium hazard data layers are now available: Risk Scores: Risk scores are based on the mean damage ratio or average annual loss results from big data catastrophe simulations, considering the implications of different primary characteristics. Available U.S. perils include earthquake, windstorm, wildfire, flood, severe convective storm, winter storm, and terrorism. U.S. Earthquake Layers: Hazard layers include the distance from a site's location to the closest five faults in the U.S., Modified Mercalli Index (MMI) scores that represent the local shaking intensity and related effects of an earthquake, and the gradual settling or sudden sinking of the earth's surface. U.S. Windstorm Layers: New hazard layers comprise coastal areas eligible for participation in state-sponsored insurance pools in nine hurricane-exposed U.S. states, and a "distance-to-water" metric for the U.S., including rivers that flow inland and minor tributaries. North America Wildfire Layers: RMS North America Wildfire HD model licensees can now supplement their hazard layers with distance to wildland-urban interface (WUI), historical fire activity, stochastic burn probability, and urban conflagration data. For firms not licensing the models, new wildfire hazard data layers include defensible space characterized by the distance to vegetation parameter, slope data, and fuel type. Improvements to Risk Modeler Capabilities Expanded PLT Export Capabilities for HD Modeling with Metadata Treaty Results In this Risk Modeler release, we continue to enhance the export of Period Loss Tables (PLTs) to the Results Data Module (RDM) databases by adding treaty metadata to the results. The new treaty metadata provides additional context to help you understand which losses correspond to specific treaties. Workflow Enhancements for Marginal Impact Analysis to Help Improve Data Governance Using marginal impact analysis can help (re)insurers quantify the impact of writing additional layers to a reference portfolio, and in November’s Risk Modeler release, the marginal impact analysis workflow has been enhanced to enable administrators to identify reference portfolios for underwriters. For organizations with dozens or even hundreds of underwriters, this helps ensure that marginal analysis decisions are based on a common set of analytics and that users running marginal impact analyses are all working off the same reference portfolio. Improved Search Experience for Databases and Analysis Results To make it easier to find analysis results, the latest Risk Modeler update enhances the Data Explorer search feature (see figure below). When a keyword is entered into the search, Data Explorer finds all the results and databases that include the keyword, making it simpler to search across your key datasets. Figure 1: Risk Modeler Data Explorer search featureIQ Application Preview Programs Interested in previewing some of the new RMS underwriting solutions? We have launched a preview program to test RMS UnderwriteIQ™, RMS TreatyIQ™, and Business Hierarchies in RMS ExposureIQ™. Each application draws on more than 30 years of risk analytics leadership, to take advantage of our industry-leading models, data products, financial modeling, and a unified data store, to deliver impactful analytics across the insurance lifecycle, from primary underwriting to portfolio and cedant management. You’ll have the opportunity to test and influence the roadmap for the following: UnderwriteIQ: Built for insurance underwriters looking to integrate RMS’s deep science and modeling into their underwriting and risk pricing strategy, UnderwriteIQ delivers flexible, powerful account-level modeling capabilities with low latencies. A cloud-native and collaborative underwriting analytics solution, it is fully integrated with Risk Modeler to help you understand the marginal impact on your portfolio and other Intelligent Risk Platform applications. TreatyIQ: Built for reinsurance underwriters looking for deep treaty program pricing and analytics, TreatyIQ comes with advanced financial modeling and flexible pricing formulas to give underwriters actionable foresight of risk, by analyzing the marginal impact, combined ratio, and return on capital for every quote. TreatyIQ’s game-changing portfolio roll-up performance for monitoring risk positions, analyzing risk drivers, and assessing pricing performance, speeds up workflows, reduces costs, and improves technical pricing and profitability. ExposureIQ Business Hierarchies: ExposureIQ today provides powerful accumulation analytics and real-time event response capabilities. With the addition of Business Hierarchies, exposure managers can get a complete view of exposures across multiple books in a rolled-up view, and can quickly identify organization-wide exposures across both insurance and reinsurance entities, to improve portfolio management decisions. Backed by the sophisticated RMS financial model, customers will soon be able to apply complex inward and outward reinsurance structures for a true view of net reinsurance right up to the group level. Over the next couple of weeks, customers will have the opportunity to preview these applications for feedback. If you are interested, please contact info@rms.com. Figure 2: RMS Intelligent Risk PlatformFor additional information on Risk Modeler, ExposureIQ, or any of the IQ applications on the IRP, please visit the Intelligent Risk Platform webpages. You can also access release notes on RMS OWL – the RMS client support portal.
What’s New on the RMS Intelligent Risk Platform?
RMS is constantly adding new capabilities to the RMS Intelligent Risk Platform™ (IRP), our open, modular, cloud-native digital foundation for RMS models and unified risk analytics. As the gateway to robust risk analytics and in-depth data, the IRP brings together a trusted data repository, collaborative applications, and open APIs to help deliver better business outcomes. Our powerful, cloud-native applications hosted on the IRP are designed to allow multiple users to gain insights into potential hazards, exposures, and accumulations. During September, RMS released multiple updates for both its ExposureIQ™ and Risk Modeler™ applications, to give clients access to the latest technologies and innovations. This update will help show how RMS is continuing to invest in the latest science, technology, and data by providing an in-depth look at the new features and a brief overview of our improvements to existing capabilities. In the IRP September releases, we added new features to Risk Modeler, our cloud-native catastrophe modeling application that unifies all our client’s risk modeling needs for greater workload and cost efficiency: Marginal Impact Analyses: Quantify the impact of writing additional layers to a portfolio. (New Feature) Climate Change Model Analyses for RMS U.S. Inland Flood HD Model: Expanded model profile options that apply the climate change model to a broader range of existing analyses. (Improvement). In addition, we also made several big improvements to existing capabilities of Risk Modeler and ExposureIQ, including: Results Data Module (RDM) Schema Updates: Transact with High Definition (HD) model results more with greater ease (Risk Modeler) New Risk Modeler APIs: New and updated services are now available via APIs (Risk Modeler) More Geocoding Resolutions for Geopolitical and Geopolitical Spider Accumulations (ExposureIQ) NEW FEATURES Risk Modeler: Marginal Impact Analyses An individual policy may appear like a good risk based on your underwriting guidelines. But you may think twice about insuring it if you see how it contributes to the overall portfolio risk. In the September update, Risk Modeler added the ability to run a marginal impact analysis to quantify the impact of writing additional layers to your reference portfolio. Marginal impact analysis will be available for the following financial perspectives: Client Loss Facultative Reinsurance Loss Gross Loss Ground Up Loss Net Loss Pre-Cat Quota Share Treaty Loss Reinsurance Gross Loss Reinsurance Net Loss Surplus Share Treaty Loss Working Excess BENEFITS Marginal impact analysis allows users to better understand the risk drivers within a portfolio, to improve profitability and deliver effective capital allocation. Risk Modeler: Climate Change Model Analyses for U.S. Inland Flood HD Model RMS now has the largest portfolio of climate change catastrophe risk models, which includes North Atlantic Hurricane, North America Wildfire, U.S. Inland Flood, Japan Typhoon and Flood, Europe Inland Flood, and Europe Windstorm perils. In the September update, RMS expanded the capabilities to run climate change model analyses on U.S. Inland Flood HD Model results. Users can now apply climate change model analysis to a broader range of existing analyses and ensure that the application of climate change is consistent with the assumptions used in the development of the event mapping files. This update expands the High Definition (HD) profile settings to support additional simulation sets, 800,000 simulation periods, and number of samples greater than one. BENEFITS Build a more consistent view of a book of business by aligning climate change model parameters with a reference view of flood and hurricane risk. UPDATES Risk Modeler: Results Data Module (RDM) schema Updates to making it easier to Transact with HD Model Results The latest Risk Modeler release updates the HD model RDM schema so that users can store and share results more easily at different granularities with their internal and external stakeholders. BENEFITS The new RDM schema facilitates sharing HD results with other parties, helps consolidate storage for HD and DLM/ALM loss results, and simplifies query loss results using SQL scripts. Risk Modeler: New and Updated APIs Risk Modeler currently supports 380 API operations. The September 2022 release updates RDM export and earthquake hazard lookup and adds a new service for marginal impact analyses APIs. For details, see the changelog in OWL. BENEFITS Automate key workflows across applications using standardized, pre-defined processes. ExposureIQ Update: New Geocoding Resolutions for Geopolitical and Geopolitical Spider Accumulations ExposureIQ enables users to visualize and report on global exposure concentrations and hotspots. With a range of accumulation reports available, users can drill down to detailed geographic resolutions helping to quickly identify key drivers of loss. RMS has expanded the set of geocoding resolutions on which users can run a geopolitical analysis or geopolitical spider accumulation to offer more geographical granularities for analysis. For geopolitical spider accumulations, users can now specify more geographic areas, including CRESTA and city-level. In addition, users can select from the expanded list of resolutions at which to calculate losses, such as running accumulations for every city within a given country. The table below summarizes all the types of accumulations currently supported by ExposureIQ. Type Function Sample Use Case Geopolitical Computes exposure concentrations by applying a set of damage factors to regions specified at some level of geographic granularity. Find the total exposure by postal code region. Hazard Computes exposure concentrations by applying a set of damage factors to regions defined by hazard layers Find the exposure for a theoretical loss scenario based on different damage levels realized for each depth band of a flood hazard map. Event Response Computes exposure concentrations by applying a set of damage factors to regions defined by event files representing real-world events. Find the exposure to an actual historic event based on different damage levels realized for each intensity band in the event footprint. Circle Spider Locates circular areas of a fixed diameter containing the highest level of exposure by applying band-specific damage factors to all exposures in up to three damage bands. Find the top 100-meter circles worth of total exposure within a specified search region. Geopolitical Spider Locates geopolitical regions of a specified granularity that contain the highest level of exposure within the boundaries of a broader region. Find the Admin1 regions that have the highest total exposure within a set of countries. BENEFITS Identify key loss drivers and more focused areas of exposure concentrations and hotspots. For additional information on Risk Modeler, ExposureIQ, or the IRP, you can visit the Risk Modeler, ExposureIQ, or Intelligent Risk Platform webpages. You can also access release notes on OWL, the RMS Client Support portal.
How to Interface with Risk Modeler APIs within Microsoft’s Power Query to Work with Your Risk Data within Tools Like Excel and Power BI
Power Query is an ETL tool native to a range of Microsoft products, including Excel and Power BI. It enables rapid data import from multiple sources and cleaning of data right in Excel. The Power Query Editor’s user-friendly user interface can be used to interactively import and perform transformations on data using the underlying “M” query execution engine, which runs queries expressed in the Power Query formula language (“M”). When you create a new import or transformation by interacting with the components of the Power Query interface, M code is automatically generated. Alternatively, users can write M code directly. Power Query offers many data source options for imports, such as files or databases, but the option to import data from the web is of particular interest because this mechanism can be used to pull data directly from RMS Intelligent Risk Platform REST APIs. Prerequisite For this tutorial to work, you’ll need: Microsoft Excel 2010 or more recent on a Windows machine Import Data from Web via Power Query Let’s take the use case where you want to import location details from Risk Modeler into Excel. To illustrate the process, let’s start by stepping through importing data through the user interface. Within Excel, go to the Data menu ribbon and click on From Web in the Get & Transform Data menu. Create an Advanced request with the URL parts as the GET request you’d like to make and the Authorization header as your API key. Click OK to make the request. This returns a preview of the imported data. Navigate to the property record by double clicking on Record. Convert the query results into a table by clicking Into Table. The steps we just walked through are listed as Applied Steps on the right. You can perform additional transformation steps on the data here in the Power Query Editor. Bring the Power Query Results Into Excel Once you are comfortable with your table, click Close & Load beneath the Home menu ribbon. Power Query will bring your results into Excel and the data may be viewed and manipulated as normal. Edit Query in the Advanced Editor To see the M code being generated behind the user interface, reopen the Power Query Editor and select Advanced Editor from the Query menu. The same steps listed in the Applied Steps are reflected in the code. You are able to edit the code in the Advanced Editor. Import Data from an Advanced Query The user interface was sufficient for the single API GET request, but the user also has the option to write their own query directly to handle more complex use cases. Let’s write an advanced query to obtain a security token and use that token to make the same Risk Modeler API request that was made above. Within Excel, go to the Data menu ribbon and click on Blank Query and then Advanced Editor. Insert the following example: Copy to let url = "https://api-euw1.rms-ppe.com/sml/auth/v1/login/implicit", body = "{ ""tenantName"": ""<RI tenant name>"", ""username"": ""<RI User Name>"", ""password"": ""<RI Password>"" }", // Obtain a bearer token GetJson = Web.Contents(url, [ Headers = [#"Content-Type"="application/json"], Content = Text.ToBinary(body) ] ), FormatAsJson = Json.Document(GetJson), // Gets token from the Json response Access_Token = FormatAsJson[accessToken], AccessTokenHeader = "Bearer " & Access_Token, Source = Json.Document(Web.Contents("https://api-euw1.rms-ppe.com/riskmodeler/v1/locations/2/?datasource=s15", [Headers=[#"Authorization"=AccessTokenHeader]])), property = Source[property] in property let url = "https://api-euw1.rms-ppe.com/sml/auth/v1/login/implicit", body = "{ ""tenantName"": ""<RI tenant name>"", ""username"": ""<RI User Name>"", ""password"": ""<RI Password>"" }", // Obtain a bearer token GetJson = Web.Contents(url, [ Headers = [#"Content-Type"="application/json"], Content = Text.ToBinary(body) ] ), FormatAsJson = Json.Document(GetJson), // Gets token from the Json response Access_Token = FormatAsJson[accessToken], AccessTokenHeader = "Bearer " & Access_Token, Source = Json.Document(Web.Contents("https://api-euw1.rms-ppe.com/riskmodeler/v1/locations/2/?datasource=s15", [Headers=[#"Authorization"=AccessTokenHeader]])), property = Source[property] in property Copy to Replace tenantName with your subdomain name used to access RMS Intelligent Risk Platform. As an example, if you use the URL https://mytenant.rms.com, the tenantName is “mytenant.” Replace the username and password with the credentials for a RMS Intelligent Risk Platform user account. Click Done. You may be prompted on how to authenticate. Click Edit Permissions and use Anonymous, leaving the URL as populated. You may be prompted about data privacy. You may select to Ignore Pricy level checks and Save. This will allow for the connection to be made with the retrieved access token. Bring the Power Query Results Into Excel Once you are comfortable with your table, click on Close & Load beneath the Home menu ribbon. Power Query will bring your results into Excel and the data may be viewed and manipulated as normal. To refresh the data, click on Refresh within the Queries & Connections section of the Data menu ribbon Save your Excel file. When opening the file or with a Refresh, a new access token will be retrieved to use for the query. Writing queries that automate data import and transformation can significantly reduce time spent on extracting data from Risk Modeler and manually importing and manipulating it in Excel, while also eliminating common copy and paste errors. The two samples above both quickly imported the same location data, and they show how easy it is to get started using Risk Modeler APIs right in Excel.
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