Insurance and reinsurance models

Geonation insurance and reinsurance models

Data models play a crucial role in the insurance and reinsurance sector by enabling accurate risk assessment, efficient underwriting processes, and effective claims management. These tools allow insurers and reinsurers to analyze vast amounts of data, including policyholder information, historical claims data, market trends, and external factors, to identify patterns, make informed decisions, and mitigate risks. Data models help in developing actuarial models for pricing policies, assessing the probability of claims, and optimizing risk portfolios. Standard data methods, such as industry-wide data standards and protocols, facilitate seamless data exchange and interoperability among various stakeholders, enhancing data quality, consistency, and transparency. By leveraging data models and standard data methods, insurers and reinsurers can improve operational efficiency, enhance risk management practices, and ultimately provide better products and services to their customers.

Association for Cooperative Operations Research and Development

Acronym:  ACORD

Organisation responsible:  ACORD

Official web page:  https://www.acord.org/

Description: IMS Global is a leading organization that develops and promotes open standards for educational technology. They have developed various data models and specifications for interoperability in the education sector, including the Learning Information Services (LIS) standard.

Current Version:  Various

Schema location:  https://www.acord.org/standards-architecture/reference-architecture

Standard:  Not applicable

Type of data:  XML

Primary purpose :  Structured data exchange

API available:  Not available

License details:  Membership required. Details are here

Data model (Power BI):  Available on request

Data Content Standard for the London Market

Data Content Standard for the London Market (Lloyd's)

Acronym:  Not applicable

Organisation responsible:  Lloyd's

Official web page:  https://www.lloyds.com/conducting-business/requirements-and-standards/core-data-record

Description: The Core Data Record (or CDR) provides the critical transactional data which needs to be collected by the point of bind to drive downstream processes: premium validation and settlement, claims matching at first notification of loss, tax validation and reporting and regulatory validation and core reporting.

Current Version:  3.2 (March 29, 2023)

Schema location:  https://airtable.com/shr2RX17x7B7hq2jL/tblXvyz93ZLX59eNe/viwA3a7HYf0Vdx2tx?blocks=bipWIhzF7V1LSsnA1

Standard:  Not applicable

Type of data:  Reference data

Primary purpose :  Structured data exchange

API available:  Not available

License details:  Open data

Data model (Power BI):  Available on request

Financial Information Exchange (FIX)

Solvency II

Acronym:  Solvency II

Organisation responsible:  Bank of England

Official web page:  https://www.fixtrading.org/

Description:  Solvency II is a regulatory framework for insurance and reinsurance companies in the European Union. It establishes standards for risk management, capital adequacy, and reporting. While it is not a data model or schema per se, it defines requirements for reporting and data quality.

Current Version:  1.1

Schema location:  https://www.fixtrading.org/standards/fixml-online/

Standard:  Solvency II Directive 2009

Type of data:  XML / Reference data

Primary purpose :  Structured data storage

API available:  Not available

License details: Open standard

Data model (Power BI):  Available on request

XBRL

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