Risk Management Solutions (RMS) has unveiled its new RMS RiskAnalytics operation, which provides a team of highly skilled analysts to perform catastrophe modeling activities as a seamless extension of a company’s in-house department.
RMS said, “Pembroke Syndicate 4000, a leading Lloyd’s Syndicate in the financial institutions, professional lines and specie/fine art market, is one of the first organizations to take advantage of this new service.”;
RMS Vice-president Roger Arnemann explained: “As catastrophe modeling becomes more sophisticated, insurers, reinsurers, and intermediaries are spending an increasing amount of time and resources on core catastrophe management functions. By working with the RMS RiskAnalytics team, companies gain speed, efficiency, and quality assurance without the costs associated with recruiting, training and retaining new staff. We calculate that the service can increase analyst productivity by more than 50 percent.”;
RMS described the RiskAnalytics operation as “dedicated to the full spectrum of core catastrophe modeling functions, based on market-leading practices. The team provides a range of RMS support and expertise for identifying, quantifying, reporting, and managing catastrophe risk, with services spanning from data quality enhancement to operating proprietary client underwriting systems.”;
Arnemann noted that rating agencies are now placing greater emphasis on “sound modeling practices, and the models themselves becoming increasingly complex.”; As a result many companies are finding it “very difficult for companies to afford and retain seasoned catastrophe analysts.”; RiskAnalytics enables them to “take full advantage of RMS catastrophe models while simultaneously freeing up their in-house analysts to focus on higher-value tasks.”;
In addition to providing the expertise, RiskAnalytics is able to adapt to a company’s changing business demands, guaranteeing operational continuity during understaffed and/or challenging business cycles.
“Using the RiskAnalytics service allows us to keep control of the day-to-day management of our portfolio, while drafting in the expertise of the RMS team for more extensive data analysis,”; noted Daniel Wood, divisional director at Pembroke. “We gain access to sophisticated models and industry best practices, helping us to enhance our risk management procedures and meet regulatory reporting requirements, in a cost-effective manner.”;
Source: Risk Management Solutions – www.rms.com
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