Earthquakes, hurricanes, terrorist attacks and pandemic diseases are usually bad for most industries. But they mean good business for Hemant Shah.
That’s because Shah’s company, Newark-based Risk Management Solutions, is one of the premier companies using Big Data techniques to model the economic outcomes of such catastrophic events, something the insurance industry will pay good money for.
By helping insurers understand what a worst case scenario looks like, RMS can let them be sure their finances are in order so they can pay out even if the worst should occur. It’s the market leader in providing this kind of data, and has about 1,200 employees and about $300 million in annual revenue.
Here, Shah talks about how his business works, and what types of disasters businesses are most concerned about.
So what do you mean exactly by risk management? What’s the normal question that your customers come to you with?