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New developments at RMSI
Awarded for a breakthrough technology initiative that innovatively addresses a significant need of the industry and allows for higher efficiency or greater profitability in insurance business
NEW DELHI (India), September 27, 2011: RMSI, a global geospatial and software services company, has been awarded the ‘Technology Initiative of the Year’ award at the 15th Asia Insurance Industry Awards held recently at Singapore.
RMSI has been recognized for its innovative product ‘PIER’ (Profiler for Insurance Exposure and Risk). PIER is India's first GIS Based Comprehensive Risk Assessment Tool at postal code resolution. It is a web based application that provides users with an integrated view of exposure, hazard and business data at postal code resolution for the entire country.
PIER uses the latest GIS technologies to help insurance companies improve identification, assessment, pricing and management of risk across various lines of business. It enables insurers to create risk indices for various hazards at postal code resolution, and these indices help companies develop risk-based ratings. Likewise, it provides a comprehensive risk profile report for every postal code in India, helping underwriters better understand the location, underlying geography and susceptibility to natural hazards.
Commenting on this achievement, Mr. Anup Jindal, Chief Operating Officer, RMSI said “It is indeed a great privilege to be conferred the Technology Initiative of the Year award. This award is an affirmation of the value of innovation both within our organization and across the industry. We will continue to innovate and bring smarter products to market.”
These are the most sought after annual awards within the Asian insurance industry. This year the awards were keenly contested, with over 500 entries from leading players across 15 award categories. The jury comprised a distinguished panel of 29 sterling industry leaders, practitioners and regulators from Asia and around the globe. The awards were jointly organized by Singapore based 'Asia Insurance Review' and London based 'The Review Worldwide Reinsurance' magazine.