RIMS Standard Loss Project Action
By Caroline McDonald
NU Online News Service, April 16, 2:24 p.m. EST, New Orleans?Efforts to establish a standard loss projection application for risk managers need to be expanded, a participant in the program said at the annual meeting of the Risk and Insurance Management Society here.
"We need depth to make it meaningful for large commercial risk," said Brenda Aylor-White, e-relations director, corporate marketing for Royal & Sun Alliance, Charlotte, N.C.
Royal & Sun and Marsh Inc., a unit of Marsh & McLennan & Co., New York, have been involved in doing pilot data transmission with RIMS.
RIMS has been working with Pearl River-based ACORD since last August to come up with a loss run standard
"Now, we need other people who are interested in data standards to get on board, " said Ms. Aylor-White.
She said the main goal of the project was to "test drive this proposed standard and see if it was real. We need depth to make it meaningful for large commercial risk."
Another goal, she said, was to get recommendations to improve the standard by "involving people who really touched this. And we have been able to do that."
The next step at this point is "undetermined," she said. "It depends on where we go with the standard and what our respective organizations decide to do with this."
The project is a non-proprietary industry scenario designed to bring all business partners together, said Elizabeth Morrell, vice chair of the technology advisory council for RIMS.
Parties that need access to the business processes include the insurer, broker, risk manager, intermediary, bank and reinsurer. "All need access to the information," she said.
What's stopping that is proprietary legacy systems and proprietary data formats, said Ms. Morrell, who is senior risk analyst at Southern Company in Atlanta.
Ms. Aylor-White concluded that, "We want your investment. I'm ready for my next partner. If someone else is willing to test drive this, we're going to be looking to take this standard proposal to subcommittee in June, have people take a look at it and hopefully have an approved standard as soon as possible."
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