The birth of Risk Data & Services

While interacting with clients over the years, our Corporate Solutions team learned that sustainability managers can greatly benefit from better analytical models to assess climate-related risks. Meanwhile, they also discovered that supply chain managers could use clearer oversight of hidden risks to anticipate supply chain disruptions.

“It can be challenging for clients to get an overview of their risk, as relevant data is dispersed across their organisation and many don’t have access to risk models to assess and quantify risks”, notes Elena Bosch, Head Platform, Risk Services for Corporates.

When Swiss Re assembled a team to develop a new solution for clients, Elena came on board, along with engineers, solution designers, business analysts, product owners and user experience specialists.

The new platform, called Risk Data & Services (RDS), helps companies build a digital twin of their assets to get an accurate overview of their exposure. With this virtual representation of their business, clients can create simulations based on real-world scenarios and access risk insights.

Better decisions on risk

“We decided to give RDS clients access to Swiss Re’s select models so that they can view their exposure in context and make better decisions on risk”, Elena explains. The new solution gives clients access to Swiss Re’s own risk insights. The result: RDS helps companies become more resilient by making better, data-driven business decisions.

“I saw RDS grow from a mere idea to a fully launched solution. Along the way, we piloted the solution with several clients so we could test and learn together”, says Elena.

Corporate Solutions officially launched RDS in October 2022 with three solutions: Property Exposure Management, Sustainability Compass and Supply Chain Resilience.

The three solutions

The Property Exposure Management solution gives risk managers insight into their property portfolio exposure. A multinational utility company, for example, uses RDS to identify which power generation assets are most exposed to natural hazards such as floods or storms. They can then focus on mitigating risk and preventing losses.

The Sustainability Compass gives clients visibility into climate-related risks. A manufacturing company, for example, uses RDS insights to identify, assess and mitigate climate-related risks. They can gauge the threat of flooding, wildfires, storms, water scarcity and other risks to their facilities and operations.

Supply Chain Resilience allows clients to uncover hidden vulnerabilities across their supply chain network. They can simulate potential disruptions and prepare accordingly. Should a certain area be impacted by natural catastrophes or geopolitical issues, they will already have created a business continuity plan they can implement.

“We are constantly incorporating client feedback, and for me this is the most valuable part. I have watched it grow and evolve into a value-adding product”, says Elena. "RDS helps clients navigate their risk landscape – and even more developments are on the way."

The value of digital twins

RDS brings the power of digital twins to risk management with the following main benefits for corporates:

• A holistic and strategic perspective on risk 
• Access to risk insights from Swiss Re and other risk experts 
• A basis for collaboration with internal and external risk partners
• A more accurate and precise single source of truth 
• Structured storage of risk data in a secure and private space