Open Insurance Data Standard White Paper Working Group - 12/2/24

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Attendees:

Peter Antley

Jim Bamberger

Jeff Braswell

Rob Clark

Cory Isaacson

Nathan Southern

Greg Williams

Opening Remarks/Logistics

Peter Antley (PA) began by acknowledging the LF Antitrust Policy (above) then welcomed attendees to the group.

Central Discussion - Future State Diagram Revisions

Peter Antley (PA) presented the following updated document - updated version of the Future State with multiple P&C systems for one carrier.

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• The plan for a while has been to add Guidewire as an integration (per the box above, to the right); this hasn’t yet been done.

• PA did, however, add a business partner showing that we’re mapping to the business partner’s format - both on the single and the double layout.

• As an alternative to adding Guidewire, Cory Isaacson (CI) suggested the addition of generic vendor plug-ins that could be used for any vendor. They could offer it with their product, or we could offer it for them.

• It would need to be incorporated into the schema above (multi-system) or the alternate one-system schema - but regardless, it means that the carrier p&c system is not doing additional work to migrate its data into the transmission format, but can automatically generate said format.

• PA agreed to do these modifications to the single and multi-system diagrams. (See action items, below).

• This is the goal: to make it no longer a heavy lift ETL project to communicate/transfer data.

Outline Discussion

• The group agreed to begin by describing the problem - i.e., including a Problem Statement - as part of a much broader diagrammed section. CI noted that in the past, when he has worked on documents such as this, the problem statement was a much heavier lift than the solution

• The group also agreed to cross-reference statistics illustrating how the current state within industry systems for data transfer expends infinitely greater time, energy and dollars. The goal should be to show how incredibly messy it now is. See these three articles (provided by Cory) for examples that could be included in the body of the first white paper and footnotes:

  • https://www.insurancethoughtleadership.com/our-partners/true-cost-big-bad-data

  • https://hginsights.com/market-reports/insurance-industry-report

  • https://www.rms.com/blog/2024/01/23/risk-data-exchange-time-to-make-the-exchange-of-data-across-the-insurance-value-chain-seamless-and-simple

• It’s conceivable that simply describing the current state diagram could be the bulk of this first white paper. A second paper might then ask What does OIDS intend to do? And a third paper, How will OIDS do it? Also a great way to get everything out sooner instead of later.

Action Items:

Peter Antley -

• Per Cory’s request, revise the single and multi-system future state diagrams to incorporate generic vendor plug-ins - which would point, in turn, to the fact that each carrier p&c system is not doing additional work to migrate its data into the transmission format, but can automatically generate said format.

• Begin drafting the white paper outline with a problem statement that shows how messy/time consuming/expensive the Current State of data exchange in the industry is. Also consider drawing on statistics from the three above links (inclusion in body of text + footnotes?) and researching for additional articles with accompanying stats that can help build a case.

• Also draft a loose OIDS solution statement - the group will plan to review this statement next week.

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