Unified data analytics and risk platform provider QOMPLX is calling on the insurance industry to collaborate in an initiative to encourage improved transparency and consistency in data and ensure more interoperability across the insurance industry. QOMPLX will be curating ReQoncile.io - an unbiased, industry rallying site that will provide a single place where data standards, schemas and platforms can be easily and freely accessed. It is a referenceable library for the industry, where players across the insurance value chain can access a full collection of work available or in progress.
The ReQoncile.io site is a publicly available curated registry of standards initiatives, data schemas, and data translation and modeling tools. The effort also plans to provide a library of articles, academic papers, events and other services and tools from sources across the industry. Submissions to the library are encouraged and can be sent to QOMPLX for review and inclusion at ReQoncileInfo@qomplx.com.
“The insurance industry suffers from a plethora of different data standards and initiatives which often overlap or conflict with each other. We hope to accelerate progress and reduce friction in the insurance data supply chain by curating a comprehensive library of standards and schemas which are open to all,” said Dr Steve Smith, Director of Insurance Product and Modeling at QOMPLX. “ReQoncile is about carefully cataloguing the multiple efforts to ensure awareness and allow for effective comparison and evolution of data standards and translation. We feel that ReQoncile can allow effective, organic growth via a robust network of industry participants and advisors who unencumbered by a forced formal group or consensus-driven initiative.”
To involve a broad segment of the industry in its governance and development, a ReQoncile Advisory Board was established to oversee the right controls, community dynamics and industry support. The growing group of leaders and advocates thus far include: Dickie Whitaker, CEO at Oasis LMF, Robin Merttens, Co-Founder InsTech London, Mark Cravens, Industry Leader in catastrophe risk management and Matilde Anello-Gaudiza, who leads the Centre of Excellence for Data Foundation and Architecture at Swiss Re Group.
“When asked to be a part of the ReQoncile Advisory Board, it was an easy decision to make,” said Robin Merttens, Co-Founder and Partner at InsTech London. “So many of the modernisation issues that the insurance industry faces depend on improving inter-system connectivity, making it easier to join the dots between the various parties and their technology. This initiative is about collaborating and sharing resources to help achieve that. I’m supportive because if we can get this right, we can drive true digitisation, provide better products, and deliver better service.”
If interested in contributing or learning more about the ReQoncile, the insurance data standards library, contact our team at ReQoncileInfo@qomplx.com.
About QOMPLX, Inc.
QOMPLX makes it faster and easier for organizations to integrate disparate internal and external data sources across the enterprise via a unified analytics infrastructure that supports better decision-making at scale. This enterprise data-fabric is called QOMPLX OS: an enterprise operating system that powers QOMPLX’s decision platforms in cybersecurity, insurance, and quantitative finance. Headquartered in Tysons, VA, QOMPLX also has offices in New York, Denver and London. For more information visit QOMPLX.com and follow @QOMPLXOS.
Abha Dasgupta, Chief Strategy Officer
Eliza Ball, Media Relations