Boston, Oct. 30, 2013 — Catastrophe modeling firm AIR Worldwide (AIR) today announced that its catastrophe modeling platforms, Touchstone® and CATRADER®, have been certified for the successful implementation of the following ACORD property exposure standards: Delegated Authority Reporting (ER3001) and Aggregated Reporting (ER3003). AIR is now fully compliant with those standards and has implemented an ACORD import feature in its software applications.
“To achieve the efficiencies that will ensure better risk management practices, it is essential for the insurance industry to adopt a consistent framework for the exchange of information about exposure at risk,” said Puneet Bharal, director, global development at ACORD. “There is near universal call for industry standards for collecting, sharing, and reporting of exposure data. Throughout the standards development process and beyond, AIR has supported this industry initiative.”
The ACORD catastrophe exposure reporting standards can be used to supply a fine level of data granularity at a per-address, or aggregated level. To bring the benefits of implementation to a wide audience, the standards are published as a series of standard spreadsheet formats and as XML messages. There are numerous business benefits to implementing the standards, including more reliable data, reduced processing overheads/improved processing efficiency, and improved data analysis.
“Fulfilling the ACORD certification requirements demonstrates AIR’s continued support for open and industry data formats to capture and move information about property location, building attributes, and policy coverage terms throughout the insurance value chain and into the risk models,” said George Davis, vice president at AIR Worldwide. “AIR is the first catastrophe modeling firm to be certified for these standards, and we look forward to continuing our collaboration with ACORD and other industry organizations to make data standards more universal and transparent.”
ER3001 is the standard used to report property schedules from delegated authorities to their carriers. ER3001 is widely accepted in the Lloyd’s of London market as the preferred mechanism for reporting U.S. property business. ER3003 is the standard used to report aggregated property details, typically from cedants or their brokers, to reinsurers.
About AIR Worldwide
AIR Worldwide (AIR) is the scientific leader and most respected provider of risk modeling software and consulting services. AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 90 countries. More than 400 insurance, reinsurance, financial, corporate, and government clients rely on AIR software and services for catastrophe risk management, insurance-linked securities, detailed site-specific wind and seismic engineering analyses, and agricultural risk management. AIR is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK) and is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
ACORD (Association for Cooperative Operations Research and Development) is a global nonprofit association founded in 1970 that facilitates the development and implementation of data standards and standardized forms for the insurance industry and related industries. ACORD also presents events, videos, research papers and analysis that offer insights into current industry technology and business topics. ACORD members include hundreds of insurance and reinsurance companies, agents and brokers, software providers, and associations worldwide.