Risk Management Solutions unveiled the latest version of its Data Quality Toolkit. This toolkit enables re/insurers to asses, manage and improve the quality of their exposure data.
The Toolkit offers a new building valuation capability that helps re/insurers to identify potential valuation issues with particular lines of business, regions, or portfolios, and to understand the risk associated with under and over-valuation of properties. The Toolkit gives re/insurers insight into the data quality of a single submission or across one or more risk portfolios.
“We are proud to offer clients a product that allows them to make informed business decisions and target poor quality data for efficient clean-up, saving them both time and money,” said Roger Arnemann, vice president of Data Solutions at RMS. “Building valuation is an exciting addition to the solution and a great complement to our completeness and accuracy scoring process, wrapping up a powerhouse of objective analysis into metrics that clients can act upon.”
Better Data, Better Decisions
The RMSData Quality Toolkit delivers the unique capability to measure and visualize the quality of exposure data across the crucial dimensions of completeness and accuracy, providing a single quality score for each. Unlike data quality assessments based solely on total insured value (TIV), Data Quality
Toolkit analytics are tailored for catastrophe model use, and take financial structures such as sub-limits and restricted policies into consideration. The Data Quality Toolkit uses sophisticated heuristics to identify suspect geocoding, unusual exposure attribute combinations and inconsistent financial structure coding in client data. It then compares it to the RMS Exposure Source Database, which contains primary modeling information for more than 11 million commercial and over 68 million residential locations.
The RMS Completeness and Accuracy scores have quickly gained recognition in the market as the de facto measures of exposure data completeness and accuracy.
“The Data Quality Toolkit embodies a comprehensive arsenal of data quality analytics, packaged into easily assimilated actionable metrics and visuals that highlight potential areas for investigation,” said Mr. Arnemann. “This powerful combination enables clients to derive new and objective insight from their exposure data, quickly identify issues, and make significant targeted improvements in overall data quality. With these capabilities, clients are able to make more informed business decisions and gain competitive advantage.”
Source : RMS Press Release
