Insurance industry will be able to more easily transfer exposure data, increasing efficiency and use of analytics to make better risk management decisions
Boston, March 01, 2021 (GLOBE NEWSWIRE) — Catastrophe modeling firm AIR Worldwide today announced that it is making its Catastrophe Exposure Data Exchange (CEDETM) database schema available as an open standard in order to facilitate accurate, efficient and transparent data exchange throughout the insurance value chain, allowing companies to make better risk management decisions. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
“We applaud AIR’s decision to make CEDE an open standard and for their support of efforts to encourage open and transparent data standards in the insurance industry,” said Sean Ringsted, chief risk officer at Chubb. “Efficiency is critical in a competitive marketplace, and an open standard reduces friction, facilitates the transfer of data with our trading partners and encourages the use of analytics for all parties involved; ultimately improving service to our customers.”
“RenaissanceRe has been a strong supporter of increasing access to exposure data to build a more risk-resilient world. We recognize AIR’s commitment to open data standards over the past three decades and we welcome this further evolution in their ongoing efforts to make data transfer as seamless as possible,” said Ian Branagan, EVP group chief risk officer at RenaissanceRe. “As the digital needs of the market evolve, there is a recognition across the industry that data standards benefit everyone and open source approaches such as AIR’s help facilitate richer business interactions.”
AIR has long been a proponent of open standards and in 1993 developed UNICEDE®, a globally accepted industry data format to standardize insurance data exchange. CEDE is the open database standard developed by AIR to facilitate accurate and transparent data exchange and to encourage model development. AIR’s open data license is based on Apache 2.0, which is recognized worldwide and promotes efficiency and interoperability. The open standards license allows AIR clients and partners to use the CEDE format as an internal repository which allows for better collaboration and innovation. Additionally, AIR actively supports the Open Exposure Data Format (OED) by freely providing its CEDE format as the database structure for models running on Oasis LMF, an open source nonprofit loss modeling framework.
“AIR’s exposure data schema is part of a broader industry call for open and transparent data formats, and we are proud to be a part of the solution by offering an open data standard,” said Bill Churney, president of Verisk’s AIR Worldwide. “Having an open data standard will allow the industry to adopt this common data format and more easily transfer exposure data across the insurance value chain.”
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook and YouTube.
For more information, contact:
Kevin Long AIR Worldwide +1-617-267-6645 [email protected]