Stanford adds that Iceland's government, in an effort to attract international business, charges no value-added tax (VAT) to companies that operate in Iceland but don't have an office there. Part of that rationale is to thus encourage those companies to partner with Icelandic firms. This has the added effect of encouraging what Stanford describes as a "highly educated and technologically astute" workforce to pursue certification and training while building a new managed services industry in Iceland.
Cloud architecture encourages 'freedom and flexibility'
With the RMS Cloud up and running, the insurer's clients no longer have to run risk models on their own servers, using a product that had to be shipped to clients, Stanford says. The cloud architecture gives them the "freedom and flexibility" to perform additional analyses as necessary. Datapipe's Stratosphere Hosted Private Cloud platform handles peak loads in Verne Global's data center.
Plus, Putting the cloud environment in Iceland places it in close proximity to Amazon Web Services data centers in London and Dublin. (The island also has redundant cables that link it to Europe and Boston, the latter via Greenland and Nova Scotia, Rhodes says.) This is good for latency, Stanford says, and also helps when RMS needs to boost capacity in the event of a catastrophe or an insurance policy renewal. "We're aiming to automate at scale as much as possible," he says.
Finally, the scalability may give RMS the opportunity to offer RMS(one) to clients beyond the insurance industry that need to calculate risk, Stanford says, specifically citing real estate and government agencies.
Brian Eastwood is a senior editor for CIO.com. He primarily covers healthcare IT. You can reach him on Twitter @Brian_Eastwood or via email. Follow everything from CIO.com on Twitter @CIOonline, Facebook, Google + and LinkedIn.
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