Risk modelling firm EQECAT has announced that it has agreed with Risk Management Solutions (RMS) an arrangement which will see the firms share exposure data schemas in an effort to help clients leverage a multi-model view of risk more simply. Currently it is time consuming to change models just to run the same data against another exposure data schema, the plan hopes to simplify that.
This has been spurred on by RMS’ recent launch of its new modelling platform RMS(one). That platform will allow users to run other exposure schemas against their data so they can have a multi-model view of the risk.
EQECAT said today that as underwriting becomes more complex and nuanced, a challenge has arisen for some companies who use multiple models, each of which comes with its own proprietary data schema.
“Transparent data standards for catastrophe modeling benefit EQECAT’s clients and the insurance risk transfer marketplace,” said Paul Little, president of EQECAT. “EQECAT is pleased to enter into this agreement which will improve the translation of data model inputs. Workflow inefficiencies of moving and translating exposure between models is a time-consuming exercise, and this collaboration is going to save many man hours.”
This multi-year agreement between EQECAT and RMS will benefit the risk modelling marketplace and both firms clients, according to EQECAT. They said that the agreement ‘Does not include or impose any restrictions on the operationalization of results data to or from either the EQECAT or RMS platforms.’
Risk modeller AIR Worldwide had agreed to enter into an exposure data schema sharing agreement with RMS earlier this year.