The OPEN RISK DATA Association e.V. has been formed with the aim of enhancing the exchange of large corporate insurance risk data.
The large corporate insurance industry has often struggled with unstructured data in the pre-bind and post-bind phase of managing complex risks, and the Association hopes to drive efficiencies in this process.
Participants include insurance brokers Ecclesia, Funk, Howden, Marsh, and WTW, as well as carriers Allianz Commercial, HDI Global, Liberty Specialty Markets, Swiss Re Corporate Solutions, and Zurich.
Those involved also include corporates represented by the German insurance risk management association, GVNW, and Synpulse as a service provider and coordinator of the initiative.
The Association said unstructured documents, exchanged through email, leads to labour-intensive processes for dealing with important information.
“Over the past 1.5 years, we have worked intensively, built trust amongst our members, and developed a common understanding,” said Dr Dirk Schilling, head of guidance & captive services at HDI Global SE, and board member of the OPEN RISK DATA Association e.V.
“Now, it’s time to translate this momentum into technical development and make the vision come to life. I am looking forward to the next scaling steps of this pioneering project.”
As many companies are facing more complex risks, captives are playing an increasingly important role in firms’ risk management strategies.
“Without a compass for risk data, we are increasingly getting lost in Excel spreadsheets and floods of emails,” said Benedikt Hintze, director of risk & insurance at steel manufacturer Georgsmarienhütte Group.
“With OPEN RISK DATA Association, we gain a new hub that brings people to the same, true level of knowledge. This is aimed at creating a more professional corporate insurance market.”