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.

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 RMS OWL – the RMS client support portal.