RMS London Market Data Community gives access to standardised data
Risk Management Solutions has launched a new initiative amongst six of Lloyd's largest managing agents.
The RMS London Market Data Community gives members access to data that has been standardised for use among the members. Data is prepared once and then made available to the community, saving subscribers the time and money involved in preparing the information individually.
Management, investors, Lloyd's and rating agencies are placing increasing importance on data quality when assessing insurers and reinsurers. Gaining the commitment of Amlin, Beazley, Brit, Catlin, Hiscox and Kiln reflects the surge in demand for high-quality data for accumulation management and for use in catastrophe risk models, and the need for efficient access to this information.
"Exposure data can be highly complex as it varies by source and format, and it needs to be standardised and cleansed before being used for underwriting purposes," commented Jason Futers, vice president of the RMS London market practice.
"But processes can be extremely inefficient, particularly in subscription markets like London and Bermuda because the same submission is often cleansed by numerous insurers during placement. Poor data increases internal costs and the volatility of catastrophe model output.
He added: "Research suggests that up to 75% of an analyst's time could be saved by using the pre-formatted data. The London Market Data Community has been launched to ensure members have efficient access to the best quality data."