AIR's Catastrophe Modeling Platforms Certified by ACORD
(Thomson Reuters ONE) -
For Immediate Release:
AIR's Catastrophe Modeling Platforms Certified by ACORD
BOSTON, Oct. 30, 2013 - Catastrophe modeling firm AIR Worldwide (AIR) today
announced that its catastrophe modeling platforms, Touchstone(®) and
CATRADER(®), have been certified for the successful implementation of the
following ACORD property exposure standards: Delegated Authority Reporting
(ER3001) and Aggregated Reporting (ER3003). AIR is now fully compliant with
those standards and has implemented an ACORD import feature in its software
applications.
"To achieve the efficiencies that will ensure better risk management practices,
it is essential for the insurance industry to adopt a consistent framework for
the exchange of information about exposure at risk," said Puneet Bharal,
director, global development at ACORD. "There is near universal call for
industry standards for collecting, sharing, and reporting of exposure data.
Throughout the standards development process and beyond, AIR has supported this
industry initiative."
The ACORD catastrophe exposure reporting standards can be used to supply a fine
level of data granularity at a per-address, or aggregated level. To bring the
benefits of implementation to a wide audience, the standards are published as a
series of standard spreadsheet formats and as XML messages. There are numerous
business benefits to implementing the standards, including more reliable data,
reduced processing overheads/improved processing efficiency, and improved data
analysis.
"Fulfilling the ACORD certification requirements demonstrates AIR's continued
support for open and industry data formats to capture and move information about
property location, building attributes, and policy coverage terms throughout the
insurance value chain and into the risk models," said George Davis, vice
president at AIR Worldwide. "AIR is the first catastrophe modeling firm to be
certified for these standards, and we look forward to continuing our
collaboration with ACORD and other industry organizations to make data standards
more universal and transparent."
ER3001 is the standard used to report property schedules from delegated
authorities to their carriers. ER3001 is widely accepted in the Lloyd's of
London market as the preferred mechanism for reporting U.S. property business.
ER3003 is the standard used to report aggregated property details, typically
from cedants or their brokers, to reinsurers.
About AIR Worldwide
AIR Worldwide (AIR) is the scientific leader and most respected provider of risk
modeling software and consulting services. AIR founded the catastrophe modeling
industry in 1987 and today models the risk from natural catastrophes and
terrorism in more than 90 countries. More than 400 insurance, reinsurance,
financial, corporate, and government clients rely on AIR software and services
for catastrophe risk management, insurance-linked securities, detailed site-
specific wind and seismic engineering analyses, and agricultural risk
management. AIR is a member of the Verisk Insurance Solutions group at Verisk
Analytics (Nasdaq:VRSK) and is headquartered in Boston with additional offices
in North America, Europe, and Asia. For more information, please visit www.air-
worldwide.com.
About ACORD
ACORD (Association for Cooperative Operations Research and Development) is a
global nonprofit association founded in 1970 that facilitates the development
and implementation of data standards and standardized forms for the insurance
industry and related industries. ACORD also presents events, videos, research
papers and analysis that offer insights into current industry technology and
business topics. ACORD members include hundreds of insurance and reinsurance
companies, agents and brokers, software providers, and associations worldwide.
###
For more information, contact:
Kevin Long
AIR Worldwide
+1-617-267-6645
klong(at)air-worldwide.com
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Source: AIR Worldwide via Thomson Reuters ONE
[HUG#1738369]
Unternehmensinformation / Kurzprofil:
Datum: 30.10.2013 - 13:14 Uhr
Sprache: Deutsch
News-ID 310933
Anzahl Zeichen: 4943
contact information:
Town:
Boston
Kategorie:
Business News
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