The speedy solution: A bullet train to real-time modelling

Doing business in the cloud is an easy decision for many sectors, but what about highly regulated industries like insurance?

RMS

 

Many insurance companies are still working on legacy systems that are siloed, rigid and slow to respond to real-time events – the inter-city train of the data railway. However, the recent shift in the scale of extreme events has shown that the insurance industry must prepare for new, ever-evolving threats. Companies relying on legacy systems will be left at the station.

Real-time risk analysis is a must-have in today’s insurance industry. Unfortunately for many companies, access to tools capable of handling massive risk modelling datasets remains unattainable. Off-the-shelf cloud services are costly and not designed for highly regulated industries like the insurance industry, for which data privacy is a key concern. For most companies, building their own private cloud platform is an unrealistic proposition.

Recognising the need for insurance-specific cloud solutions, RMS developed the RMS Cloud to power its new risk-management platform, which it designed specifically to enable companies to efficiently model, interpret and communicate risk.

The RMS Cloud is far from a generic, public cloud architecture. The company built a dedicated set of rails for a risk-modelling bullet train. It is a purpose-built cloud, designed to do one thing only – deliver results extremely fast. The elastic capacity presented by the RMS Cloud offers compute cores on demand, to perform calculations at a speed once unimaginable.

What’s more, the RMS Cloud will give clients immediate access to scale in a safe environment, with the latest innovations in big-data technology. Risk modelling is no longer limited to the resources available on each company’s own servers. Using a purpose-built cloud frees companies from the limitations of in-house IT procurement, allowing for focus on innovation in the core business.

A cloud-based system also enables more extensive information sharing between partners and clients. The RMS Cloud is fully encrypted, with 24-hour uptime and disaster recovery supported across strategic locations around the world. Looking to the future, the RMS platform will incubate innovation in the risk-modelling industry as an open API for developers and entrepreneurs.

Uncertainty and risk is growing daily. Tomorrow’s insurance company understands this challenge, and is jumping on the bullet train to real-time, flexible modelling.

RMS2Paris Georgallis is senior VP of cloud platform operations, RMS
020 7444 7600
sales@rms.com