RMS Revolutionizes Risk Management for Insurance Industry with Secure Platform Built on MongoDB
Cloud-based Platform to Improve Big Data-Driven Decision Making; Will Scale to Hundreds of Terabytes and Trillions of Documents
NEW YORK—January 15, 2014—MongoDB today announced that RMS, the leader in catastrophe risk modeling, has selected MongoDB as the data store for RMS(one)™, the insurance industry’s first cloud-based, open, real-time risk management platform. Developed by RMS, RMS(one) securely centralizes all the data and analytics insurance companies need to evaluate the risk from global catastrophes. The high-resolution, single-source of risk analytics will enable insurance companies to plan new growth strategies and manage their capital more effectively.
The MongoDB-based platform currently stores in excess of 100 billion documents per year and will scale to support trillions of documents, representing hundreds of terabytes of data. Leveraging MongoDB’s flexible document model, RMS is able to create different attributes for risk exposure data, including detailed property, business and policy information, which vary greatly across clients. RMS(one) is currently in beta and will become generally available in Spring 2014.
“RMS(one) is a unique platform; nothing like this has ever been built for the insurance industry,” said Philippe Stephan, chief technology officer at RMS. “By providing enterprise-wide access to comprehensive risk information, we’re opening up a completely new way of doing business for our clients, who will benefit from greater efficiency in underwriting portfolio management.”
“Compared to technology of the past, MongoDB delivers massive horizontal scale with a highly secure, reliable and resilient back-end data store,” said Stephan. “MongoDB’s schema extensibility, ease of use and robust deployment features enabled us to rapidly develop RMS(one), moving from our current deployed enterprise product to a MongoDB-based cloud system.”
RMS(one) combines diverse data sources into a single application to deliver an innovative experience to users that sets a new standard in the insurance industry. MongoDB provides consistently high performance at scale and secure access to the data, as mandated by industry standards.
“The RMS(one) platform is an ambitious project that has the potential to transform a multi-trillion dollar industry,” said Max Schireson, CEO at MongoDB. “As evidenced by the complexity and scale demands of this platform, MongoDB continues to be the NoSQL solution of choice to support big data applications. RMS’ focus on using innovative, forward-looking technology, along with their 25 years of expertise in the industry, offers a powerful combination to help their clients realize the business benefits of a truly real-time and resilient enterprise.”
MongoDB has a thriving global community with over 6.5 million downloads of its open-source database, 145,000 online education registrations, 28,000 user group members and 20,000 MongoDB Days attendees.
All over the world, thousands of organizations use MongoDB for its agile and scalable approach to data management. Common use cases include operational and analytical big data, content management and delivery, mobile and social infrastructure, user data management and data hub.
RMS is the world’s largest catastrophe modeling company and the only one of its kind to deliver its global suite of catastrophe models within a rich ecosystem incorporating all sources of risk.
RMS is the world's leading provider of software, services, and expertise for the quantification and management of catastrophe risk. The company is transforming the insurance industry's understanding and quantification of risk by delivering the world's leading catastrophe risk models in a real-time risk management environment. Driven by innovation and backed by 25 years of risk management expertise, RMS solutions are trusted by more than 400 leading insurers, reinsurers, trading companies, and other financial institutions that rely on RMS solutions to quantify, manage, and transfer risk. Founded at Stanford University in 1988, RMS serves clients today from offices in the U.S., Bermuda, the U.K., Switzerland, India, China, and Japan. To learn more, please visit- www.rms.com and follow us at @RMS_News.
About MongoDB, Inc.
MongoDB (from humongous) is reinventing data management and powering big data as the leading NoSQL database. Designed for how we build and run applications today, MongoDB empowers organizations to be more agile and scalable. It enables new types of applications, better customer experience, faster time to market, and lower costs. To learn more, please visit www.mongodb.com.