Catastrophe modeler Eqecat says it has finalized a multi-year agreement to be a part of Risk Management Solutions' open, cloud-based platform, RMS(one).
"Transparent data standards for catastrophe modeling benefit Eqecat's clients and the insurance risk transfer marketplace," says Paul Little, president of Eqecat, in a statement. "Workflow inefficiencies of moving and translating exposure between models is a time-consuming exercise, and this collaboration is going to save many man hours."
Eqecat and RMS are set to share data schemes. PC360 attended RMS' client conference, Exceedance, in Boston early in May when RMS(one) was unveiled. There executive explained users of RMS(one) will be able to export data to Eqecat, run the model, and bring the results back to RMS(one).
RMS announced multiple third-party partnerships—insurers and modelers who have agreed to integrate their models into the single platform of RMS(one) to unify what once was scattered and fragmented exposures in disparate databases, says RMS.
Among the partners are ERN, which provides models for earthquake and other perils in Latin America; JBA Risk Management, which is particularly known for modeling flood in the United Kingdom; and Risk Frontiers, a center specializing in natural hazards in Australia and Asia Pacific.
Munich Re, Aspen, Scor and Argo have agreed to partner with RMS by allowing users to migrate the output of each company's proprietary models into RMS(one).
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