Moody's wins the catastrophe risk modelling solution of the year for its Intelligent Risk Platform (IRP) that is designed to provide critical risk analysis to re/insurers and brokers.
With the IRP's scalability, automation and integration, Moody's says hundreds of clients use the platform to run models and unify risk analytics to create more efficient risk modelling workflows.
According to Moody's, insurance firms typically operate in silos from underwriting to portfolio steering and each area has its own operations. Such an approach can lead to delays, particularly at peak periods and is not up to speed with industry standards.
In response, the IRP allows firms to take advantage of the capabilities of cloud computing and provides a software-as-a-service platform, enabling users to build resilient workflows from a common set of APIs. This improves the interoperability of systems and helps with automation of risk modelling workflows across business applications.
Moody's says over 250 insurance and financial services firms are benefitting from the IRP and it is proving to be an invaluable tool that is modelling more than 5bn risks per month, representing a 500% growth rate year over year.
A Moody's spokesperson cites the fact the IRP offers a unified risk platform that ensures clients have a single 'version of truth' within the system, whether it is exposure files, contracts, reinsurance or portfolio structures, and means platform users across an enterprise can always work on the latest real-time data files.
"Forming the foundation for Moody's RMS catastrophe modelling, the Oasis Loss Modelling Framework and Moody's collaborative property and casualty applications, the IRP brings together a trusted data repository, shared micro-services, and analytical tools to leverage customers' existing Moody's RiskLink® on-premises integrations," the firm says.
The spokesperson adds the firm recognises the pressures faced by clients and its teams are working hard to stay ahead with risk management solutions.
"We are updating our risk models to include the latest catastrophe event insights, deploying new modelling techniques, working with industry and scientific partners to incorporate new thinking, and ensuring new solutions are available and ready on our risk platforms," the spokesperson comments.
