Moody’s RMS®, the leading global catastrophe risk modelling and solutions company is announcing that risk models from Applied Research Associates, Inc. (ARA), Fathom, and JBA Risk Management (JBA) are all to be made available as a technology preview on the Intelligent Risk Platform™ (IRP) from, following the integration of the IRP into the Nasdaq (Nasdaq: NDAQ) Risk Modelling for Catastrophes (NRMC) service.
This announcement builds on an earlier Moody’s RMS announcement on enhancing the IRP by integrating the NMRC service for Oasis Loss Modelling Framework based risk models.
When the solution is fully developed and subject to the necessary agreements being put in place between RMS and its partners for the integration, customers who subscribe to the solution will be able to use Moody’s RMS Intelligent Risk Platform applications such as Risk Modeler™, UnderwriteIQ™, and TreatyIQ™ for unified execution of Moody’s RMS models, as well as ARA, Fathom, and JBA Risk Management models, running on the Nasdaq modeling service based on the Oasis Loss Modelling Framework (LMF), and other custom models and modeling engines.
George Freimarck, Business Leader for Catastrophe Models ARA, said: “North Atlantic hurricane remains the single largest region-peril risk for most property insurers. The ability to directly incorporate and blend results from multiple credible hurricane models on a single platform will help clients understand and manage that risk. The integration of ARA models into the IRP opens a wide range of options and possibilities for risk professionals and clients while removing burdensome technology integration.”
Dr Andrew Smith, Co-Founder and Chief Operations Officer at Fathom said: ““We welcome the ecosystem innovation that Moody’s RMS, working with Nasdaq, is bringing to the risk market, model users, and modelers. We believe it will be incredibly attractive for customers to access multiple views of risk through the same interface, so we were excited when Moody’s RMS approached Fathom to help test the modeling engine’s capabilities and for our flood model to become one of the first to be integrated into the IRP. The standardizing and simplifying of multi-vendor exposure and results data offers greater flexibility and efficiencies for risk professionals. All model users, and all those transacting in risk, will gain from friction-free model interoperability and unification of risk standards that this will deliver.”
Jane Toothill, Managing Director at JBA Risk Management, said: “We are excited to see the integration of Moody’s IRP into Nasdaq’s NMRC as it means our suite of global flood models will be more easily accessible to mutual clients. The ability to run multiple models on the same platform will provide many benefits to the insurance and risk industries. Greater modeling flexibility, improved efficiencies, and streamlined costs of ownership will all make significant differences, and by helping clients build reliance and promote mitigation measures, insurers can better prepare themselves and their clients against potentially catastrophic events.”
Cihan Biyikoglu, Executive Vice President, Product, Moody’s RMS, said: “With this initiative we are hoping to create more opportunities for innovation in the global risk market, and we are delighted to be working with ARA, Fathom, and JBA. Moody’s RMS recognizes that customers often want to incorporate multiple models for a multitude of reasons, including hedging model risk and creating their own-view-of-risk for a differentiated risk strategy. We are making this much easier for our clients by allowing them to consolidate their modeling systems into a single unified experience and limiting the burden of complex data conversion between different exposure and loss data formats. This will help them to free up IT budgets dedicated to maintaining multiple modeling environments, as well as allowing their catastrophe modelers better insights for risk selection, pricing, and transfer decisions. We are also working with additional model vendors and look forward to further announcements as this initiative continues to accelerate.”
To learn more about third-party modeling on the Moody’s RMS Intelligent Risk Platform, please visit rms.com.