Cihan Biyikoglu, Managing Director - Head of Moody's RMS Product, shares some milestones achieved with Moody’s Intelligent Risk Platform (IRP) in 2024.
As we kick off this New Year, I'm thrilled to share some incredible milestones we've achieved with Moody’s Intelligent Risk Platform (IRP). Since January 2024, we've increased our customer base from 250 to over 350 as of December 2024. We are seeing growth across all major geographies, from Europe, the Americas, and Asia.
Insurers, reinsurers, banks, insurance-linked securities (ILS) investors, and brokers leverage our platform daily to model their accounts and portfolios and run their underwriting processes.
We are seeing this activity in the analytical throughput numbers on the platform, with a staggering 19x increase from 2022 to 2024 for monthly modeled risks. There is a variance month-to-month driven by the key dates in the insurance industry calendar, however, the ‘modeled risks per month’ metric has jumped from around one billion in 2022 to over 20 billion in 2024.
We're also excited about usage across our suite of IRP applications, particularly leveraging the connectivity between ExposureIQ, UnderwriteIQ, and TreatyIQ, which has more than doubled from 2023 to 2024. The collaborative analytics offered by our cloud-native risk management solutions, enable customers to use multiple applications to share accounts, portfolios, treaties, exposure details, modeled losses, and more.
At the heart of this adoption is our commitment to innovation. Thanks to our cloud-native architecture, we continue to enhance our applications with new deployments every few weeks. Here are some major updates we've rolled out:
- Risk Data Exchange: Simplified exposure and loss data sharing across counterparties (broker partners, subsidiaries, etc.) without messy or lossy data conversions, and with full data governance controls.
- Collaborative risk analytics: New connected experiences across primary and treaty underwriting workflows between Risk Modeler, UnderwriteIQ, ExposureIQ, TreatyIQ, Data Bridge, and Risk Data Exchange.
- Updated Moody’s RMS risk models: New models for North America Wildfire, Terrorism, Europe Severe Convective Storm, and Europe Windstorm models, built with the HD Modeling Framework that comes with a powerful financial model to analyze your policy and treaty terms.
- Event Response: Coverage of more than 100 events across the globe, including severe convective storms, cyclones, windstorms, earthquakes, wildfires, floods, typhoons, cyberattacks, hurricanes, and more.
- Faster account underwriting: Up to 10x faster in account modeling workflows available in selected workflows.
- Businesswide views: Full view of an entire insurance and reinsurance book across exposures and modeled losses with thousands of portfolios in ExposureIQ and TreatyIQ unlocking new efficiencies for our reinsurance and insurance clients.
- Unified risk modeling: Integrated model execution to deliver 300+ additional risk models from Nasdaq’s Risk Modeling powered by Oasis LMF, next to Moody's RMS models.
- Native support for Verisk and Oasis exposure formats: Lossless data import for various versions of CEDE and OED formatted exposures built into IRP applications.
- Own-View-of-Risk controls: Ability to customize a view of risk on Moody’s RMS Models.
- IRP Navigator: We were the first vendors to introduce a GenerativeAI (GenAI) solution tailored to enhance the catastrophe modeling workflow.
- Risk Data Lake (preview): Programmable Risk Analytics for customized and programmable analytics.
As we leap into 2025, our commitment to being customer-first remains stronger than ever.
We're dedicated to delivering business outcomes that validate our customers' trust in partnering with Moody’s to transform their catastrophe risk, exposure management, and underwriting workflows. Seeing our customers achieve greater value from the platform is incredibly rewarding, and it's clear that the market is recognizing these transformative achievements.
One such recognition came in September 2024 when IDC awarded BMS and Moody’s the ‘Real Results Transformation Award’. This prestigious honor acknowledges IT providers that have enabled genuine, measurable, and future-enabling change within the worldwide financial services industry.
By migrating from RiskLink to Risk Modeler, BMS took a significant step forward in its catastrophe modeling capabilities. Their operations now run on a single, unified modeling platform, providing a single source of truth across the entire organization. This shift has dramatically streamlined their processes, reducing the time spent by their analysts' operating models by 75 percent. Additionally, they've achieved an impressive 85-90 percent reduction in the dollar cost associated with analysts' time spent on modeling components.
Watch an interview with Scott Christian, Executive Vice President of Catastrophe Analytics at BMS, who speaks about his team's experience adopting Risk Modeler on the Intelligent Risk Platform.
As we move forward, we will continue focusing on innovations that drive meaningful business outcomes for our customers, ensuring they can navigate their risk management and underwriting workflows with greater efficiency and accuracy. Here's to another year of transformative success!
Don't miss the chance to see our technology in action, and discover our vision for the insurance industry. Reserve your spot at Exceedance 2025 in Nashville, TN, from May 19-22. Registration just opened this week. I hope to see you there!