Moody's RMS wins catastrophe risk modelling solution of the year for a well-integrated system that has the capabilities to support a wide range of modelling requirements.

The judges also commended the cloud-native software-as-a-service platform for re/insurers and brokers, highlighting the solution's available computing capacity, and the ability to scale and integrate flexibly, but without a requirement for major on-site servers and their associated support costs.

By adopting the Moody's RMS Intelligent Risk Platform (IRP) the solutions provider says clients can build resilient workflows from a common set of APIs, increase the interoperability of systems, and integrate and automate the benefits of risk modelling into workflows across different business applications.

Moody's RMS says the platform is critical for the industry and delivers throughputs of billions of modelled locations monthly.

Responding to catastrophe events is a critical time for insurers, and event response information from Moody's RMS event response team is made instantly available on the platform so that exposure managers can establish potential losses from an event and deploy recovery resources effectively.

Another factor that scored highly with the judges is that Moody's RMS IRP applications are designed to integrate with third-party and in-house systems used by insurance and financial firms, which opens opportunities for new data insights.

Testimonials from two clients using the IRP and associated applications further made the case for IRP. For example, in the case of one client, the IRP facilitates the flow of catastrophe risk insights both internally and externally to clients.