Santa Monica-based RAND Launches First Startup Venture

This new venture will help us reach new audiences with solutions and expand RAND’s positive impact on society.

From The LookOut News:

“For the first time in its 64-year history, the Santa Monica-based RAND Corporation will launch a company to apply its technology research for commercial application.

Praedicat, Inc.– started by RAND, Risk Management Solutions, Inc. (RMS) and private investors — will provide consulting services and software to the property and casualty insurance industries, RAND officials said Wednesday.

“The RAND Corporation is committed to pursuing innovative ways to extend the reach of our research and analysis,” said Michael D. Rich, president and CEO of RAND. “This new venture will help us reach new audiences with solutions and expand RAND’s positive impact on society.”

The company will extend a field of analytics called “catastrophe risk modeling” used by the insurance industry and other financial markets “to manage the property and casualty risk posed by natural disasters such as hurricanes, earthquakes and terrorist attacks,” according to statement issues by RAND on Wednesday.

“The creation of Praedicat builds off of multi-year research and development projects by RAND and RMS on the identification and prioritization of emerging risks using modeling and cutting-edge computer science,” RAND officials said…”

READ FULL ARTICLE [web]
RAND Press Release [web]

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