Risk intelligence: accelerating innovation in catastrophe risk management

The goal

To improve the risk transaction

Howden is a leading international insurance group that includes Howden Broking, a global (re)insurance and specialty broker, and DUAL, the world’s largest international underwriting agency. It provides insurance broking, risk management, and claims consulting services worldwide.

By applying broad industry expertise and highly advanced data, technology, and analytics capabilities, Howden is constantly unlocking new opportunities for its clients. A core component of this is HX Analytics (HX), an arm devoted exclusively to generating superior data insights and focused on developing innovative ways to transact risk more efficiently and effectively.

The objective

Maintaining a market-leading insurance analytics platform

HX has created a rich data environment that feeds a range of client-focused analytical solutions. Delivered via its NOVA platform and connected to its Accelerator broking data engine, ReThink software, and xTrade marketplace, it syncs proprietary data with comprehensive third-party information to generate global market intelligence.

As part of this ecosystem’s evolution, HX selected Moody’s Intelligent Risk Platform™, accessing the firm’s leading models via the cloud-based platform to provide best-in-class catastrophe modeling analytics. Its open and modular framework allows HX to seamlessly integrate and automate core modeling workflows, enhancing the level of actionable insights generated for Howden and its clients. The Intelligent Risk Platform can also support HX’s broader vision of providing the world’s clearest window into the global insurance markets and promoting smarter decision-making for its clients.

The solution

Moody’s Risk Modeler™ on the Intelligent Risk Platform

Moody’s Risk Modeler, part of the Intelligent Risk Platform, is a highly flexible and adaptable modeling application. It runs the global suite of our market-leading catastrophe models, including its innovative North America wildfire and global flood peril models.

The application streamlines and automates modeling workflows through an API-first development methodology and suite of developer resources. HX values its open, modular, secure, and flexible architecture as it supports the company’s plan for further innovation with minimal operational burden and reduced resource requirements.

The process

Close collaboration at all stages

HX’s catastrophe modelers and developers worked directly with our developers during an eight-week preview program. This two-way, customer-focused interaction was highly productive and ensured and allowed Moody’s to gain a granular understanding of the client’s requirements. 

HX conducted a detailed assessment of Risk Modeler’s capabilities against core business objectives, while Moody’s gained valuable insight from testing critical software components with active workflows and experienced data users. HX also tested Risk Modeler’s comprehensive suite of APIs to assess the ability to automate workflows and integrate with existing infrastructure, including its extensive range of market, client, and internal applications spanning multiple product groups and business lines. 

The collaboration continued with Moody’s working closely with HX from preview through to onboarding to provide a seamless experience. Transitioning to the cloud was made easy by leveraging Moody's Data Bridge, providing HX the flexibility to transition existing RiskLink processes at its own pace while working on workflow automation projects.
 

The outcome

A seamless integration into HX’s data environment

Risk Modeler on the Intelligent Risk Platform is now a fully integrated component of HX’s data architecture. It functions as a central microservice within the company’s multi-application ecosystem, allowing for the delivery of catastrophe risk insights that support innovative and effective risk transfer solutions.

The Intelligent Risk Platform supports all of Howden’s broking platforms and capabilities, facilitating the flow of catastrophe risk insights both internally and externally to clients. The company has removed its on-premise cat modeling system and currently operates exclusively through the cloud-native risk platform. It has reduced total cost of ownership by transferring the onerous and costly maintenance and update requirements entirely to Moody's.

Operating on the Intelligent Risk Platform also provides Howden with the flexibility to respond to expanding business opportunities and shifting client demand. The software-as-a-service (SaaS) architecture means new HD models and analytics capabilities can be embedded into existing infrastructure almost instantaneously. HX is currently conducting trials of Moody’s location risk assessment application, Moody’s SiteIQ™, as well as Moody’s TreatyIQ™ tool for pricing analytics and portfolio monitoring.

By mapping Moody’s development roadmap to HX’s business goals, the two organizations have been able to create a truly differentiating capability for Howden. Working in genuine partnership, we have built a data framework to underpin the existing ecosystem that will support not only current strategic ambitions but also the vision for the future — and Moody’s will continue to help deliver on that vision.