The needs of the Insurance Industry are changing. We can help you with your core analytical needs
The extreme climate change-related events in recent years have increased the frequency and severity of both primary and secondary perils leading to a multi-fold increase in insurance claims due to hydro-metrological events. P&C Insurance Industry has been experiencing year-on-year losses of more than US$ 100 bn each year in the past few years. In such a scenario, these companies need effective partners to prepare and run the NAT CAT models to help them estimate the scale of potential future losses while maintaining a tight grip on their expense ratios to achieve a healthy bottom line. Today companies do not want to be tied down with the long-term license cost of running NAT CAT models. Even those with long-term licenses look at multiple NAT CAT model vendors for secondary opinions.
We at RMSI have over 30 years of experience creating and running complex NAT CAT models. We understand that an effective model cannot be complete without good quality exposure data, and often, companies do not want to invest in-house in data maintenance. Our Insurance Consulting helps companies prepare their available exposure data in a model-ready format by cleansing and enhancing their data. Using our proprietary platform, we help companies strengthen the quality of their exposure data and get an idea of expected claims after a major disaster event. In addition, we provide core analytics to companies about their pricing, portfolio management, accumulation management, and reinsurance treaty design, which help companies make robust business decisions.
Through RMSI’s proprietary impact forecasting tool, companies can assess the impact of natural disasters on their portfolio in advance so that they can take mitigation measures.
NATCAT Risk Modeling
Data Cleansing and Enhancement
CAT modeling service in a Pay-as-you-go or Analyst Equivalent Unit model
- Provides Location-level analysis for your property portfolio by analyzing the probability of losses at the building level
- Covers include floods, earthquakes, cyclones, urban fire, hail, etc.,
- Returns financial outputs for the portfolio in the form of Average Annual Losses, Aggregate and Occurrence Exceedance Probability tables and Event Loss tables.
- Offered in a pay-as-you-go mode without the restriction of costly long-term licenses.
- Powered by Nasdaq Risk Modelling for Catastrophes and Oasis based Models
- Helps in pricing for insurance and reinsurance
RMSI converts your unstructured data in model ready format by scrubbing, enhancing, geocoding and validating it
- Insurance industry has inherently unstructured data available in multiple formats across different insurers that could not be readily analyzed using a Nat Cat Model.
- Problem arises with incomplete, with missing information such as latitude, longitude, occupancy type and structure types.
- RMSI’s data cleansing and enhancement service converts unstructured cedent data into a model-ready format by analyzing and filling up data gaps and geocoding locations in the exposure to help companies make insightful decisions from their existing data.
- Extract data from slips and Schedules of Values and make them model ready
- RMSI’s service can also be used to convert RMS, AIR, and Oasis data formats into other desired formats.
RMSI provides you advance information about the impact of a hazard so that you can work towards protecting your critical assets from any damage
- RMSI proprietary risk forecasting platform – SIREN, helps visualize the impact of incoming hazards at your critical locations with an advance lead time of 3 days.
- The tool has an inbuilt detection function for floods & cyclones and automatically provides an alert for the floods and cyclones three days in advance.
- The tool indicates the potential impact of pluvial and fluvial floods at the location level by giving out the flood depth and extent.
- It also indicates the potential impact of the cyclone at the location of interest and important risk parameters such as the cone of uncertainty, track of cyclone, wind speeds, and flood depth due to storm surge.
RMSI caters to all your technology needs by providing services relating to:
- Application Development, maintenance, and support
- Technology migration
- Enabling tools and automation solutions
- Product Configuration and Customisation
- Implementing Emergency management through Decision Support System
- Customizing AI/ML solutions as per your need
Our Global Footprint
Data Cleansing & Geo-coding of Insurance Portfolio to Improve Risk Analysis
A major UK-based insurance service provider wanted to identify the issues and inconsistency in its input data of 240000 locations. They wanted a solution to clean up the input data and update it in RiskLink import-ready format.
RMSI experts created a workflow to efficiently execute the data cleansing and geocoding process, which increased the accuracy of the client’s risk analysis.
Pin-code Level Analysis of Insurance Portfolio for Major Hazards, India
A prominent Indian Insurance company wanted detailed analytics for cyclones, floods, and earthquakes at the pin code level.
RMSI conducted an in-depth analysis with our built-in proprietary models and provided important metrics such as Average Annual Loss and Return Period Losses (peril-wise and combined). As a result, it helped the company in more accurate Rate Making.
Multi-hazard Risk Analysis Platform, Morocco
A major reinsurance company in Morocco required a multi-hazard platform to perform in-house catastrophe risk analysis.
RMSI created a GIS-based analytics platform to analyze Morocco’s earthquake, flood, tsunami, drought and landslide risk using state-of-the-art probabilistic models.
It resulted in the Reinsurer using the platform as a tool for integrated risk management and more accurate portfolio management.
Why should RMSI be your preferred partner?
More than three decades of CAT modeling experience
In-house expertise in developing NAT CAT models who understand the complex science behind CAT modeling
Consultative approach to CAT modeling
Experience in providing climate-change-related solutions to Insurance Companies/Governments/Institutions
Providing easy scalability at a low cost
Proven credibility by working with leaders in Insurance Industry
Experience working in all data formats
No requirement for an annual license cost