Risk modelling firms EQECAT and RMS have agreed to share data schemas to help clients using multiple models to better understand their results and assumptions.
EQECAT said that the move was driven by increasingly complex and nuanced underwriting, which has made the use of multiple models more challenging.
Commenting on the move, Paul Little, president of EQECAT said: “Transparent data standards for catastrophe modeling benefit EQECAT’s clients and the insurance risk transfer marketplace. 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.”
EQECAT, RMS, risk modelling, data, sharing