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This is a weekly series for The Regulatory Reporting Data Model Working Group. The RRDMWG is a collaborative group of insurers, regulators and other insurance industry innovators dedicated to the development of data models that will support regulatory reporting through an openIDL node. The data models to be developed will reflect a greater synchronization of data for insurer statistical and financial data and a consistent methodology that insurers and regulators can leverage to modernize the data reporting environment. The models developed will be reported to the Regulatory Reporting Steering Committee for approval for publication as an open-source data model.

openIDL Community is inviting you to a scheduled Zoom meeting.

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https://zoom.us/j/98908804279?pwd=Q1FGcFhUQk5RMEpkaVlFTWtXb09jQT09

Meeting ID: 989 0880 4279
Passcode: 740215

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Meeting ID: 989 0880 4279
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Attendees

Goals

Meeting Minutes

I. Introduction by Mr. Antley

A. Agenda for today very small

B. Mr. Antley wants to do an update on the architectural working group and the HDS WG.

II. Discussion of Progress

A. We've done a great job on establishing requirements - Dale Harris from Travelers and his team have been helpful here

B. Requirements will drive architectural team and the decisions we are making. George and Libby (Crews) have been critical in this regard

C. Examples: broken down by zip codes who has what coverage and how it varies by region

D. Mr. Antley opened up question to group about different regions - limits and coverages and how it varies. Asked group what questions we want openIDL to answer

  1. Mr. Bradner brought up report on Homeowner Rates on shoreline versus rest of state, what is average premium by company, value of property, property location, hurricane deductibles, what are the size of deductibles, premiums for cities. How do homeowner prices vary by regionAnd on the auto side understanding rates by region (rural, suburban, east, west, etc.) Are losses aligning with rates? What kind of losses in cities and urban areas. Auto premiums, working with companies on these kinds of things. Also frequency & severity kinds of issues.
  2. Mr. Antley asked: are you going to be doing data calls to support these queries on a yearly basis?
  3. Mr. Bradner said possibly. 10 years ago this was very important - they evaluated the impact on coastal homeowners, the per company rate increases over a 3, 4, 5 year period, etc. They received these questions and had difficulty answering. They worked at the national level to create a standardized report to consolidate # of data calls. The goal: to economize when they were getting the same requests from multiple states. 
  4. Mr. Antley mentioned that he has been working on extraction patterns for earned premium. Once extraction pattern is established, it can be run against different states and for different state queries.
  5. Mr. Antley asked Ms. Crews to expand on functionality AAIC would like from openIDL. Ms. Crews: our goal is to reduce # of data calls. If we can bind together similar elements and more easily access them through idl it would dramatically reduce time and cost.
  6. Mr. Antley: we would love to know where the gaps our in our data model.
  7. Ms. Crews: this will be an ongoing mission. Right now just presented at working group level. We are working, with tasks force, on trying to get expanded data from different states.

III. Looking ahead

A. Next week Mr. Antley wants to look into earned premium and how we're calculating that

B. Also wantes to discuss  how we process incoming records, onboard people, and  incorporate new lines of insurance.

C. Proposed an initialization row for all of existing policies. 

D. We will jump into homeowners but not until auto is finished


With no additional business Mr. Antley adjourned the meeting at 1:22pm EST.


View file
nameRRDMWG_61022.mp4
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