Coming soon: new iniatives.

(From Insurance Day)

A NUMBER of IT-related initiatives are in development that should have major benefits for insurers, reinsurers, brokers and cedants. Some of these initiatives lead to efficiencies, save money and improve service standards. But more importantly, they facilitate data management and analysis a major issue for insurers, investors and regulators alike.

Accord, which is the main industry body developing and pushing standards, is about to produce standard exposure reporting files for property catastrophe risks.

These standards, if approved, will deserve the wholehearted support of the industry. Insurers and reinsurers are under pressure from regulators, rating agents, capital providers and cedants to show they are aware of their exposures. The technology to model and analyse is developing, but without standardised quality data reporting from cedants, the true benefits cannot be realised.

The hard market is an ideal opportunity for insurers to push through these requests especially as it looks as if regulators will expect their use as best ...