RMS has launched its latest offering, RMS (one), a comprehensive risk management platform that will enable niche modellers to piggy-back on the capabilities of RMS.
Speaking with Bermuda:Re at the London leg of their RMS (one) ‘world tour’, Claire Souch, vice president, model solutions at RMS said that the modelling firm is taking an ‘open source’ approach to its new platform, one that will enable third party modelling firms and clients to build and contribute their own models to the platform.
RMS (one) will leverage the modelling firm’s already significant expertise and analytics around catastrophe risk alongside models and insights from third party modellers and re/insurers. Souch said that RMS has already secured the involvement of Risk Frontiers in Australia, ERN in Central America and JBA in the UK on RMS (one), with the intention being to add other modelling companies to the new platform.
Souch said that such an approach will “let more modellers evolve”, helping to build greater model resilience. “There is a very high barrier to entry when building and delivering models. With this platform we hope to spur development among smaller and niche organisations that today can’t bring their science to the industry”.
Souch said that RMS intends to move beyond its traditional cat focus, with the new platform a central plank in its push into modelling not-cat perils. “The new system is being designed to be much broader in its scope”, said Souch.
The new platform is faster and more powerful than previous RMS versions, said Souch, while its architecture is anticipated to help spur further model development within the sector.
RMS, cat modelling, insurance