Claims News Service, May 19, 4:43 p.m. EST–Risk Management Solutions (RMS) is launching a service designed to improve the quality of exposure data within the insurance industry by improving the accuracy of catastrophe loss analysis and offering a way to measure and benchmark data quality.
The service, dubbed ExposureRefine, uses a combination of RMS analytics and databases to assess and measure the accuracy of exposure data. Its foundation is the ExposureSource database of information on U.S. buildings. The ExposureRefine service possesses analytics that quantify the resolution of data, and heuristics that assess accuracy by identifying suspicious or illogical combinations, and surfacing inconsistent patterns.
The product comes in the wake of increasingly sophisticated risk management practices that have come into existence over the past 20 years. RMS noted that those organizations with advanced processes for managing data quality experience can gain commercial advantage through improved underwriting results, superior financial strength ratings, and favorable access to reinsurance and capital markets capacity.
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