LONDON – 7th December, 2021 – Specialist global insurer is working with RMS, the world’s leading catastrophe risk solutions company, to extend and increase its use of groundbreaking RMS Location Intelligence API technology, to improve the customer experience for its coverholders by providing real-time tailored quotes. RMS Location Intelligence provides market-leading modeling data offering high-resolution, location-level hazard, risk, and loss metrics. The use of an application programming interface (API) to integrate RMS data directly into Hiscox systems allows real-time responses to coverholders, and no lost business due to slow response times. RMS Location Intelligence also provides a live view of Hiscox’s bound portfolio enabling active management of risk aggregation and greater opportunities for dynamic pricing.
Paul Butler, Technology Director, Hiscox, said: “It is no secret that technology continues to be a major driver across all aspects of the insurance industry. At Hiscox we are accelerating investment in our data and analytical capabilities to enable us to capture new opportunities in the market. Our Coverholder relationships are vital to our business growth at Hiscox and since working with RMS Location Intelligence API, our FloodPlus book has doubled year on year, now generating in the region of 20,000 quotes per week. The millisecond response times are needed to keep our overall API response time below four seconds – our benchmark for providing real-time and automated trading platforms in FloodPlus and BindPlus.”
Jason Futers, Managing Director at RMS, said: “There has been huge growth in the Coverholder market, and many sophisticated carriers are now moving to live quoting of delegated business so that they can precisely tailor pricing to their view of risk and build a better book of business. RMS Location Intelligence offers real-time screening and pricing analytics from RMS data and models that enable carriers to adopt a consistent view across the full risk transfer process, from individual risks through to portfolio management. Being able to provide coverholders with real-time, fully automated quotes is a gamechanger that is driving increases to the quote-to-bind ratios, and improvements in the quality and quantity of underwritten policies.”
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About the Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
About RMS
Risk Management Solutions, Inc. (RMS) helps insurers, financial markets, corporations, and public agencies evaluate and manage global risk from natural and man-made catastrophes, including hurricanes, earthquakes, floods, climate change, cyber, and pandemics. RMS models underlie the nearly $2 trillion Property & Casualty industry and many insurers, reinsurers, and brokers around the world rely on RMS model science.
RMS helped pioneer the catastrophe risk industry, and continues to lead in innovation by marrying data and advanced model science with leading-edge SaaS technology. Leaders across multiple industries can address the risks of tomorrow with RMS Risk Intelligence™ (RI), our open, unified cloud platform for global risk, enabling them to tap into RMS HD models, rich data layers, intuitive applications, and APIs.
Further supporting the industry’s transition to modern risk management, RMS spearheaded the Risk Data Open Standard (RDOS), a new modern open standard data schema designed to be an extensible, flexible, and future-proof asset within modeling/analysis systems.
RMS is a trusted solutions partner enabling effective risk management for better business decision-making across risk identification and selection, mitigation, underwriting, and portfolio management.
© 2021 Risk Management Solutions, Inc. RMS, the RMS logo, and RMS Risk Intelligence are trademarks of Risk Management Solutions, Inc. All other trademarks are property of their respective owners.
For More Information Contact:
Matthew Longbottom (U.K.)
+44 7584 333485
PRTeam@rms.com
Haggie Partners (U.K.)
+44 2075 624444
RMS@haggie.co.uk
Topics Tech
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