The needs of Insurance Industry are changing. We can help you with your core analytic 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. The year 2021 witnessed above US$130 bn of P&C Insured Losses. In such a scenario, P&C (re)insurers need effective partners to prepare and run the NATCAT models to help them in estimating the scale of potential future losses while maintaining a tight grip on their expense ratios to achieve a healthy bottom line.
Natural Catastrophe (NATCAT) risk modelling helps in predicting and preparing the P&C (re)insurer for the uncertain future. The P&C (re)insurer of today does not want to be tied down with the long term licence cost of running NATCAT models. Even those (re)insurers with long term licenses are looking at multiple NATCAT model vendors for secondary opinions.
We at RMSI understand the complex science behind every model. We have three decades of experience in creating and running NATCAT models. An effective model cannot be complete without good quality exposure data and often companies do not want to invest in-house in the maintenance of data. Our Insurance Consulting helps companies in preparing their available exposure data in a model ready format by cleansing and enhancing their data. Using image analysis we help companies enhance the quality of their exposure data and get an idea of expected claims after a major disaster event. We provide core analytics to Companies about their pricing, portfolio management, alternate risk transfer, accumulation management, reinsurance design and optimisation which help these companies in making robust business decisions.
RMSI with their strong climate-change related consulting experience is also supporting companies in defining and reporting voluntary and mandatory ESG compliances to their stakeholders.
Our Insurance consulting team includes Subject Matter Experts with immense expertise in developing and running models. You can count on RMSI to provide detailed analytics on time.
Natural Catastrophe risk modelling
Exposure Data Cleansing and Enhancement
Image analysis and documentation management
Climate change Consulting
Environmental Social & Corporate Governance (ESG) Reports
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NATCAT Risk Modeling
Data Clensing and Enhancement
Climate Change & ESG Reporting
CAT modelling service in a Pay-as-you-go or Analyst Equivalent Unit model
RMSI gives our clients the complete flexibility and independence to use complex CAT modelling service in a pay as you go mode through a simple 5 step process.
In case the client requires constant consulting service throughout the year they can adopt AEU model. As part of which we provide dedicated support equivalent to one man year service of an analyst.
This provides our clients with detailed risk analytics from experts in the field at a fraction of a cost compared to running the models in-house.
We help our clients in:
- Providing global modeling coverage for Floods, earthquakes and hurricances/ typoons/ cyclones through Oasis Loss Modelling Framework
- Providing pre-underwriting information for profiling risk and better risk management through our PIER Platform for India and Asia Pacific region
- Gaining a secondary opinion on already available modelling results
- Getting pre-event risk assessment and post-impact damage assessment
RMSI helps Clients by providing dedicated resources which functions as Analyst Equivalent Unit (AEU) to augment the resource base of the client. The Portfolio data provided by the clients are processed by AEUs in the following manner:
- Analyse the data and clense it by accessing its completeness, accuracy, formatting, and structuring
- Geocode the locations in case of any missing links
- Code the primary and secondary modifiers as per the model requirements
- Classify the exposure value for the clients as per the different coverages
- Access the quality of data and identify the missing attributes such as structure type, occupancy level, year of construction, number of stories, etc
- Enhancement of data by filling the above missing attributes
- Detect and extract useful features from images such as Roof conditions, presence of solar panel, swimming pools, etc
- Inputs from images are used for Underwriters for better premium risk estimation and more precise ratemaking
- Conduct change estimation in the property for enhancement of exposure data during policy renewal enabling insurers to arrive at correct premium estimation and also assessing the damage to get an idea of the claim.
- Digitize manual documents through ML based text recognition and transform the data into customisable formats
RMSI has climate change experts on board who can help companies in their sustainability initiative by:
- Assessing impact of climate change on Hydromet Hazard, Infrastructure and Agriculture
- ESG consulting for applicability of ESG frameworks such as GRI, SFDR, TCFD, etc
- ESG consulting for Insurance companies for UN principles on Sustainable Insurance and Responsible Investments
- Strategizing ESG Initiatives for companies to reduce their risk and come out with innovative climate sensitive products
- Reporting on ESG initiatives to various stakeholders
- Providing external assurance by conducting environment audit
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
- Customising AI/ML solutions as per your need
Why RMSI should be your preferred partner ?
More than three decades of CAT modelling experience
In-house experts, with past experience of developing NATCAT models, understand the complex science behind CAT modelling
Consultative approach to CAT Modelling
Experience in providing Climate Change related solutions to Insurance Companies/Governments/Institutions
Providing easy scalability at low cost
Proven credibility by working with leaders in Insurance Industry
Experience of working in all data formats
No requirement of an annual licence cost