Rob Stevenson, senior director – business development, insurance solutions at Moody’s, highlights some of the benefits of using cloud platforms.
The insurance industry has embraced cloud-based platforms, benefiting from the robustness, scale and uptime availability provided. As Moody’s announced earlier this year, we are now serving more than 300 insurance solutions clients either in full production, migrating, or actively evaluating Moody’s Intelligent Risk Platform (IRP) and associated applications for critical risk management operations covering many areas of their business.
The generic benefits of using a cloud platform – the scale, compute power (with billions of exposure locations now modelled using the IRP), uptime and security – have become table stakes for insurers. With the IRP being cloud-native, designed to take full advantage of the cloud, the platform’s potential is always growing. New or updated risk models and event response footprints now flow directly to the platform, requiring little intervention from the end user.
The ability to upload, manage and export data from the platform greatly simplifies laborious manual tasks, opening opportunities for collaboration across internal business departments and the wider insurance value chain. All platform users operate on the latest ‘single view of truth’, eliminating the need for excessive version control and confusion.
The IRP is enabled by APIs, allowing clients to interact and distribute results via their internal workbenches and dashboards and helping automate multiple processes.
With a platform that can adapt and scale as required, innovations are constantly being rolled out, and since the IRP was launched in 2019, major progress has been made. Platform applications such as the core Risk Modeler app work with ExposureIQ, TreatyIQ and UnderwriteIQ to provide risk insights to different functions across the insurance business.
The IRP enabled Moody’s to partner with the Nasdaq Risk Modelling for Catastrophes service to bring a choice of over 700 risk models to the IRP, through the development of the Open Modelling Engine. Overcoming the incompatibility of different data schemas and file outputs, platform users can now see risk differently by running Moody’s insurance solutions and the Oasis Loss Modelling Framework together with their own models across their exposure data. They can import and export data to and from the platform and share data files with stakeholders up and down the insurance value chain.
Moody’s Risk Labs initiative is also bringing new generative AI capabilities to the IRP, including powering help functions, and answering natural language queries to risk analytics questions, as we capitalise on the foundations that the platform provides to accelerate the rollout of GenAI functionality. The power and scalability of cloud platforms are baked in, and clients can start reaping the benefits of an endless programme of innovation, making their investments in platforms pay even greater dividends.
