openIDS Work Group - 9/12/24 -Meeting Minutes and Recording - Mtg. 2
- Nathan Southern
A remote meeting of the openIDL Project's Open Insurance Data Standards Working Group was held Thursday, September 12, 2024 at 8:30am Pacific/11:30am Eastern, via LFX zoom.
The following attendees were present:
Peter Antley (AAIS)
Jim Bamberger (AAIS)
Sean Bohan (The Linux Foundation)
Jeff Braswell (openDL)
Amanda Brine (AAIS)
Kim Darrington (IUA)
Josh Hershman (openIDL)
Cory Isaacson (reThought Insurance)
Catherine Myers (reThought Insurance)
Lanaya Nelson (openIDL)
Ken Sayers (AAIS)
Michael Schwabrow (Cloverleaf Analytics)
Nathan Southern (The Linux Foundation)
Dickie Whitaker (OasisLMF)
Introductory Thoughts/Central Objective
openIDL ED Josh Hershman opened the meeting and welcomed attendees.
The centerpiece of this meeting was a presentation of a data model by Lloyds and the International Underwriting Association (IUA), for consideration by the OIDS working group. Kim Darrington of the IUA delivered the main presentation.
Mr. Hershman started by briefly outlining the work group and its objectives, while Mr. Sayers introduced AAIS and outlined the initial purpose/objectives of the openIDL project at large. He also stressed this working group's need for a data model and its desire to create a uniform data standard by which the transmission of information takes place - specifically premium and loss information.
Lloyds Presentation
Ms. Darrington introduced the CDR (Common Data Record) data model, but first stressed the embryonic nature of the model and the fact that it was set up/designed with a very specific purpose in mind and four associated use cases.
Ms. Darrington stated that all London central market services are adopting ACORD's standard data exchange.
Current and forthcoming tools:
The Ebot (Electronic Back Office) message, which contains a considerable amount of risk information and all of the premium information split down to a fundamental level. (contains splits down to currency, geography, etc.) The accounting details.
The Ecot message (Electronic Claims) - contains claim movement information - everything one needs to tell a claims handler about a claim... E.g., if a claim moves, if the information on that claim changes, etc.. Ecots contain the descriptive claim elements.
CDR (Common Data Record) - Now in development. Several use cases:
-First involves ratification of the Ebot message. Identifying accounting entries and reconcile them against one another.
-Second and third (related to one another) specific to London market/Lloyds - exclusively concern tax and regulatory information. - the CDR retrieves this tax/regulation info ahead of the Ebot.
-Match claims against risks by use of the CDR.
The CDR is therefore an operational dataset that sits under the insurance lifecycle -it builds and grows as the process of insurance does.
CDR is still very much a work in progress, and there is still much to be established with it. It is currently owned by the entire London Market.
The Ebot and Ecot messages are owned and managed by ACORD, which means you do need to be a member to use them, but decades of refinement have made them robust as sources of information.
ACORD has a message type that delivers risk and preaccounting information - this is the CRP Message (the Contract Risk and Preaccounting). CDR is the organism by which messages will be delivered; this is still in development (embryonic), while the message and data delivery mechanism (ACORD) already exist.
The Ebot and the Ecot are globally-oriented; ACORD is a global standards organization.
The membership model of ACORD may point to the difficulty or impossibility of open sourcing their tools.
The question also arose of whether it would make sense to for this working group to talk to the London Market Group; Ms. Darrington thought it not exceptionally useful. She did recommend that the group create a USP (Unix Selling Point).
Next Steps
Ms. Darrington stressed that it is possible to download the CDR and evaluate what it contains - also said she would send everyone in the group the links to this.
The group stated that it would reach out with questions for Ms. Darrington after reviewing this material.
