Open Insurance Data Standard White Paper Working Group - 12/16/24

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Attendees

Peter Antley

Jim Bamberger

Jeff Braswell

Cory Isaacson

Lanaya Nelson

Nathan Southern

Jennifer Tornquist

Greg Williams

Opening Logistics

Peter Antley (PA) welcomed attendees and acknowledged the LF Antitrust Statement.

Discussion - Intro Statement/Definition of Audience

PA presented the following introductory statement to the white paper, which he wrote in the past week as a preliminary draft.

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• This has been discussed with the AAIS internal team.

• The statement that gave the AAIS team (including its marketing director) the most pause - because it needs further elaboration and backup - is “Currently, the insurance industry spends billions of dollars annually on this inefficient process.” PA suggested drawing from the following links:

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

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

  • Risk Data Exchange: Time to make the exchange of data across the insurance value chain seamless and simple

• The AAIS marketing director posed the critical question of who some of the key target audience groups are for this paper. This will be a prerequisite to doing a deeper dive and clarifying where some of the costs might come from.

• The ultimate goal will be to build a bridge between the white paper and the recruitment of new carriers - with that in mind, How do we build a funnel around this?

• The group discussed the desired audience and limned the following target groups:

  • P&C Carriers

  • Regulators

  • MGAs (Managing General Agents) - reThought, Accelerant

  • DOIs - although it needs to be clarified how OIDS can benefit them. (Perhaps faster reporting? Speed/responsiveness?)

    • How is OIDS going to assist with the responsiveness of getting a report?

    • Answer: it makes everything much easier for everybody who is submitting data.

    • Potentially more useful for the DOI in terms of response time and the digestibility of the information received (a few pages of aggregate as opposed to dozen).

    • PA flagged the potential need to add feature(s) to OIDS to transmit summary data.

  • Big Brokers such as AON, March, Guy Carpenter, BMS, Gallagher | Brokerage Firms

  • NAIC (regulator of DOI)

  • Policy Administration Systems such as Guidewire, Duck Creek

  • Management system providers, e.g., Guidewire

  • Consulting Firms such as PWC and Deloitte and Perr & Knight

  • Reinsurers such as Munch Reinsurance, Renaissance Reinsurance, SCOR, and Swiss Reinsurance.

  • Stat Agents

• In addition to this, Jenny Tornquist suggested promoting this document to standard news sources for insurance - e.g., Standard & Poor, Best, Insurance Information Institute. Lanaya Nelson (LN) indicated that these are on her radar from the standpoint of the Go to Market plan.

   

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Discussion - Case Study Expansion

• Ken Sayers (AAIS) reviewed the outline in its current state and strongly suggested that the number of case studies be expanded beyond #1 and #2 to broaden appeal and interest to carriers.

• For instance: regulators care about data calls - perhaps a case study could be done that is related to this

• PA envisions an expansion of the introduction in the white paper beyond regular reporting and bordereau reporting, that discusses a plethora of different use cases.

Section Two of Document

Per the above outline - this will be the data standards section of the document. What is this, how is it managed, how can I learn more about it, long-term prospects, etc.

-PA suggested that this section of the paper begin with the problem statement that details the exorbitant costs associated with the Current State of the industry. (See action items, below).

-PA also suggested (and others agreed) that a generalized non-financially specific broad version of the problem statement can open the paper, before section 2 gets into a more detailed breakdown of the current costs/financial obligations of the Current State of the Industry, with accompanying figures.

Action Items

Peter Antley: Per Ken’s request, revise the introduction to the white paper to make it immediately clear to any of the target groups that are reading this, whether the paper applies to them. One goal will be to incorporate the above list of target groups - smoothly - into the introduction, without making it a list of audience groups per se.

Peter Antley: Break apart the sentence “Currently, the insurance industry spends billions of dollars annually on this inefficient process,” with actual facts and figures concerning Current State expenditures by the insurance industry.

Peter Antley: Per the discussion today, work specifically on better defining the benefits from OIDS for DOIs and the NAIC.