RiskMath

What RiskMath does

RiskMath is a German mathematical risk consulting firm headquartered in Nieheim, with a distributed team of three professionals covering Bad Salzuflen, Hannover, and Stuttgart. Founded by Dr. Heiko Frings, who has been working as an independent consultant since 2008, the firm provides quantitative risk analysis, business intelligence, (re-)insurance optimization, and operational risk services to small and medium-sized enterprises, municipal institutions, and primary insurance and reinsurance companies in Germany. Dr. Heiko Frings (PhD Mathematics, Bielefeld) leads the practice alongside Andreas Rybicki (actuarial economist, Hannover) and Dr. Simon Müller (PhD Mathematics, Stuttgart), all holding postgraduate training and decades of insurance-sector experience.

The firm's technology stack is centered on open-source tools — R, RStudio, R Shiny, KNIME, and WinBUGS — with Monte Carlo simulation and Bayesian networks as its two core analytical methodologies. Service offerings span Quantitative Risk Analytics, Business Intelligence, Business Analytics, Open Source Software advisory, Operational Risk modeling, and (Re-)Insurance Optimization. The firm has also productized R-based insurance reserving software and develops custom R Shiny applications for BI dashboards, risk dashboards, and predictive applications such as weather-dependent demand forecasting and inventory management. No native mobile apps, no public APIs, and no SaaS platform are offered.

RiskMath operates a sales-led, professional services business model with quote-based, multi-year consulting engagements typical for boutique risk advisory work. Go-to-market relies on the bilingual riskmath.eu website, direct contact forms, and professional network referrals, supported by mutual partnerships with instat.de (insurance industry partner) and focus-dv.com (technology/service partner). The firm is private, founder-owned, and bootstrapped, with no disclosed funding rounds, investor capital, or institutional ownership.

Name

RiskMath

Legal name

RiskMath / Dr. Heiko Frings

Website

https://riskmath.eu

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

RiskMath is a German three-person mathematical risk consulting firm offering quantitative risk analytics, business intelligence, and (re-)insurance optimization services to SMEs, municipal institutions, and insurance/reinsurance clients using R, Monte Carlo simulation, and Bayesian networks.

Ownership category

akta.pro rank

Product category

Risk Analytics Consulting

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Finance and Insurance (52)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Risk Management Consulting (Enterprise & Operational Risk) (FSAEADAG)

akta.pro secondary industry

Risk Modeling & Pricing Analytics (FSAOAIAA)

Keywords

• Risk analytics consulting
• Actuarial consulting services
• Business intelligence consulting
• Reinsurance optimization services
• Operational risk management

Headquarters

HQ city

Bad Salzuflen

HQ country

Germany

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Consulting Services: Professional consulting services for risk analysis, business intelligence, business analytics, and reinsurance optimization provided to SMEs and municipal institutions.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

RiskMath is a mathematical risk consulting firm that delivers quantitative risk analytics, business intelligence, operational risk analysis, and (re-)insurance optimization services to small and medium-sized enterprises, municipal institutions, and insurance/reinsurance companies. The firm applies Monte Carlo simulation, Bayesian networks, and R-based analytics to build custom R Shiny dashboards and reserving software, and offers training in risk analysis methodologies.

Product overview

RiskMath is a mathematical risk consulting firm offering a portfolio of consulting services and software products. Core consulting services include Quantitative Risk Analytics, Business Intelligence, Business Analytics, (Re-)Insurance Optimization, Operational Risk analysis, and Open Source Software advisory. Their primary software product is R-based Reserving Software for insurance loss calculations, supplemented by custom R Shiny Apps development for BI/risk dashboards and predictive applications. All services target small-to-medium enterprises (SMEs) and municipal institutions, with Monte Carlo simulation and Bayesian network methodologies as key analytical approaches.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Analytics / Business Process Analysis Consulting service focused on business process analysis, requirements definition, and IT project support, particularly in (re-)insurance and risk management contexts for SMEs and municipal institutions.
• Business Intelligence BI consulting that helps organizations effectively utilize corporate data through tools for data access, advanced analytics, and key performance monitoring panels, targeting SMEs and municipal institutions.
• Open Source Software Advisory Advisory service for selecting and implementing open-source software systems (R, RStudio, Shiny, KNIME, WinBUGS) for data analysis and simulation.
• Quantitative Risk Analytics Risk analysis consulting including risk identification moderation, quantitative stochastic risk analysis, Monte Carlo simulation training, and risk management system implementation for SMEs and municipal institutions.
• Operational Risk Analysis and management of operational risks including internal process failures, human errors, system failures, and organizational deficits using Bayesian networks to model complex causal chains.
• (Re-)Insurance Optimization Independent reinsurance analysis covering gross/net risk analysis, run-off risks, reinsurance structure evaluation, and alternative structure recommendations including LPTs, targeted at insurance and reinsurance companies.
• Reserving Software R-based reserving software for insurance loss reserving calculations, provided to insurance and reinsurance clients.
• R Shiny Apps Custom R Shiny web applications including BI dashboards, risk dashboards, and predictive apps for weather-dependent demand and inventory management, developed for client business needs.

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature4 records

Partnerships

Two partnerships are on record, tiered minor.

• instat.deminorOthersPartnership with instat.de, a German insurance industry partner visible on the RiskMath partners page.
• focus-dv.comminorOthersPartnership with focus-dv.com, a German partner visible on the RiskMath partners page.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Milliman: Global actuarial and risk consulting firm with deep Monte Carlo, reserving, and (re)insurance optimization practices. Directly comparable in service mix to RiskMath but operates at vastly greater scale and geographic reach.
• Willis Towers Watson (WTW): Major insurance and risk advisory group offering actuarial reserving, reinsurance structuring, and risk analytics. Overlaps with RiskMath's (re-)insurance optimization and operational risk services but serves large enterprise and global clients.
• KPMG (Insurance practice): Big Four firm with a substantial German insurance and actuarial consulting practice. Competes with RiskMath on reserving, regulatory compliance, and risk modeling for mid-sized insurers and public-sector clients.
• Oliver Wyman: Global management consulting firm with strong insurance and reinsurance advisory capabilities. Comparable to RiskMath in actuarial and risk analytics offerings, though serving a much larger and more international client base.
• Roland Berger: German-origin global strategy consultancy with a financial services and risk practice. Overlaps with RiskMath on operational risk and insurance industry advisory, though focused on larger enterprise clients.
• BearingPoint: European-origin management and technology consultancy with strong insurance and risk practices. Overlaps with RiskMath on risk analytics, BI, and operational risk advisory for European insurers and public-sector clients.

Regional players

• Meyerthole Siems Kohlruss (MSK): Bonn-based actuarial consultancy specializing in German insurance reserving, runoff, and reinsurance optimization. Closest head-to-head competitor to RiskMath within the German SME/mid-tier insurer segment.
• EFR Consulting: German actuarial and risk consulting boutique serving small and mid-sized insurers. Directly comparable to RiskMath in service portfolio (reserving, Solvency II, reinsurance) and target market of German mid-tier insurers.
• Sollers Consulting: European consulting firm specializing in insurance and reinsurance digital transformation, BI, and analytics. Comparable to RiskMath's BI and open-source advisory offerings for the European (re)insurance market.
• msg life: German software and consulting provider for insurance and reinsurance, with actuarial and BI capabilities. Comparable to RiskMath's R-based reserving software and insurance BI/dashboard consulting.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RiskMath