Special Ep Mike Steel Moody's RMS: Answering a whole new set of questions
Today I’m talking to someone with an incredibly long and varied career at the intersection between science, technology and insurance and reinsurance, on both the broking and underwriting sides of the business. Now Mike Steel is General Manager of Moody’s RMS and is serving all facets of the industry from an independent perspective.The legacy RMS business effectively invented the insurance and reinsurance modelling industry and from the evidence that follows, it has been reinvigorated by its acquisition by global ratings agency and data and analytics firm Moody’s.I often liken the business of modelling to being a precision arms manufacturer when there’s a war on – demand for your products is insatiable. These days as formerly secondary perils become indistinguishable from primary threats and new digital and environmental ones are being created all the time, it is clear that the insurance war is opening up on multiple new fronts. Being part of Moody’s is giving this business a whole new perspective on the world of risk, as well as far greater operational and financial capabilities to help measure and analyse those risks.This could manifest itself in developing new products for non-insurance financial institutions and governments, or trying to codify Environmental Social and Governance factors in a format that the insurance industry can easily adopt.What follows is a fascinating run through of what is in Mike’s very varied inbox. It is important and valuable work that is going to keep Moody’s RMS and Mike very busy for decades to come. Near the end of this Podcast I remark that Mike has a really interesting job. And after a listen to this episode, I’m pretty sure you’ll agree LINKS: https://www.rms.com/