Risk analytics provider QOMPLX is setting up a data standards library to improve transparency and consistency across the re/insurance industry.
The library, called ReQoncile.io, will provide a single place where data standards can be accessed and compared by players across the insurance value chain.
The site will be a publicly available curated registry of standards initiatives, data schemas, and data translation and modeling tools, QOMPLX says.
The initiative also plans to host a catalog of articles, academic papers, events, and other services and tools from sources across the industry.
“The insurance industry suffers from a plethora of different data standards and initiatives which often overlap or conflict with each other. We hope to accelerate progress and reduce friction in the insurance data supply chain by curating a comprehensive library of standards and schemas which are increasingly accessible to all,” said Steve Smith, Director of Insurance Product and Modeling at QOMPLX.
“ReQoncile is about carefully cataloging the multiple efforts to ensure awareness and allow for effective comparison and evolution of data standards and translation. We feel that ReQoncile can allow effective, organic progress via a robust network of industry participants and advisors unencumbered by a forced formal group or consensus-driven initiative.”
To involve a broad segment of the industry in its governance and development, a ReQoncile Advisory Board has been established to oversee the right controls, community dynamics, and industry support.
The Board currently includes Dickie Whitaker, CEO at Oasis LMF, Robin Merttens, Co-Founder InsTech London, Mark Cravens, an expert in catastrophe risk management, and Matilde Anello-Gaudiza, who leads the Centre of Excellence for Data Foundation & Architecture at Swiss Re Group.
“When asked to be a part of the ReQoncile Advisory Board, it was an easy decision to help raise awareness across the industry because we can create far better products, for its clients, which can be more easily accessed and understood,” said Robin Merttens, Co-Founder and Partner at InsTech London.
“We need to step back, collaborate, and reduce competing initiatives eating up precious investment dollars and deterring us from true progress.”