Open Insurance Data Standard White Paper Work Group - 1/27/25
Attendees
Peter Antley
Jeff Braswell
Cory Isaacson
Andy Mielke
Lanaya Nelson
Nathan Southern
Jenny Tornquist
Greg Williams
Logistics
Peter Antley (PA) read the LF Antitrust Statement and welcomed attendees.
Recap on Action Items from 1/13/25 Meeting
Peter Antley - Share outline content and freeform writing content with Lanaya Nelson.
Lanaya Nelson - Draw on outline content and freeform writing content to populate the new openIDS webpage as you add a specific section on the white paper. Website should be done in time for Cloverleaf and reThought press release announcement. Peter would like a basic landing page and a subpage that exclusively contains OIDS documentation. (See Peter’s directives in the above minutes).
Per Jenny’s request, transparency about the content on said webpage(s) is critical - so there should be a back-and-forth about the information that is being incorporated.
Lanaya Nelson: Send out (to the group) an example of another project and what they include on their landing pages, to give everyone a sense of what we have in mind for openIDL/OIDS.
Jenny Tornquist and Team: Begin drafting Section 3 of the white paper about the Regulatory Reporting Case Study/POC, and corresponding use cases.
Cory Isaacson - Begin drafting the portion of Section 3 of the white paper that deals with the Bordereau Report case study/POC.
Jenny Tornquist and Peter Antley: Get agenda for Thursday’s call to Nathan and he will disseminate on Wed.
Discussion
PA began by sharing this link to the cloud folder with the live white paper edits; access has been extended to everyone on the team. Work has been ongoing.
The discussion in this session concerned Version 2 of the white paper. Peter and JB worked a number of sections and did some key updates to be discussed in this session.
In addition to this, PA has been considering using a phrase other than “Commercial Data Formats,” as this is something of a hot-button word in the insurance industry. The initial proposal: to change it to “Proprietary Data Formats.” The others agreed and this modification was implemented.
The title was flagged - PA flagged it as potentially too long). Originally: 'The Benefits and Value Proposition of Royalty-Eree, Open Standards for Information Exchange Among Carriers, Reinsurers, Service Partners and Regulators in the Property and Casualty Insurance Industry.” PA suggested multiple titles as follows:
-As the first (and broadest) title: Open Data Standards for P&C Insurance.
-Second title - a subtitle - would then get more specific about the paper’s focus and enable further and deeper elaboration.
Final title: ‘Royalty-Free Open Standards for Information Exchange for the P&C Industry: Benefits and Value Proposition.'
JT stressed the critical importance of the document being in sync (content wise) with the AAIS document ‘The Data Challenge - U.S. Property & Casualty Industry' - which is now private on Box but will be released publicly; this can also be a key resource for PA as he further develops the white paper. (See action items, below).
PA stressed the criticality of the term ‘royalty free’ as present in the white paper, both in the title and throughout the body of the text. Per CI: it needs to be clear throughout the paper that the standard is free to use by anyone, also that it isn’t the property of any single organization.
PA also suggested that the following articles be used as a resource:
Hitt, M., & Jones, R. (2020). The Role of Open Standards in Modernizing the Insurance Industry. Journal of Insurance Technology, 34(2), 9-22.
Thompson, L., & Foster, J. (2019). Royalty-Free Standards in Insurance: Driving Digital Transformation. Financial Services Review, 11(3), 22-36.
The group still needs to determine how it will be sharing the content in the white paper - PA suggested something akin to the specification sheet that OMG had.
The conclusion of the paper will heavily draw on content in sections 3.1., 3.2, 4, 5, and 6, so it cannot be written until the aforementioned sections are done.
The Abstract section of the document is a work in process.
Case Study Updates - Jenny Tornquist
JT and Mike Puchner worked on this for some time but JT has not had an opportunity to revisit the material but will do so soon.
Action Items
Peter Antley - review ‘The Data Challenge - U.S. Property & Casualty Industry' and Werner Kruck’s document from January 16th to help flesh out the white paper, and make sure the white paper content is in sync with it. All three statements should be aligned.
Peter Antley - Make sure the term “royalty-free” is present throughout the paper per Cory’s above specifications (i.e., free to use by anyone at any time, not the property of any one organization - which will prevent someone owning the data highway).
Peter Antley - Email latest white paper draft to everyone before the call on Thu. 1/30.
Cory Isaacson - Review the white paper document and provide critical feedback - reporting back in Thursday’s OIDS group would be ideal if that is doable.
Cloverleaf Team - Write sections in the white paper document on core model and extensibility (3.1-3.2)
Sean Bohan - Report back to group on Thu. 1/29 about the content of the section ‘An Evolving Standard (How is It Managed?)’
Jenny Tornquist - Email Lanaya about adding team member to meeting series.
Lanaya Nelson - Share white paper document with Werner Kruck before Monday 2/3/25, get his take on everything. Plan to report back to OIDS group on Thu. 1/30.
