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What are RMS Data Quality Solutions?
For almost 20 years, RMS has helped the market understand and manage
catastrophe risks. Together we have learned a great deal about the risks
these perils pose to the financial strength of insurers and reinsurers
alike. While over this period we have experienced a tremendous increase
in the sophistication in risk management practice, progress has often
been characterized by periods of rapid innovation by market leaders
followed by longer intervals of consolidation in gains across the
industry. We are currently in such a phase with the
issue of exposure data quality. Leading companies have long recognized
that a robust risk management practice requires not only the appropriate
and well informed use of models, but quality data describing the
exposures at risk. Despite progress, there is significant and
substantive variability in data quality between companies
̶ those who get this right will not only
benefit from fewer surprises after an event, but can immediately
monetize benefits through financial strength ratings, regulatory capital
and reinsurance.
RMS has worked to develop a broad Data Quality
solution that includes tools and services to help companies to identify
questionable exposure data, improve it, and measure and communicate data
quality over time.
Data Cleansing
The RMS® Data Cleansing
Service offers a rigorous process for data formatting, cleansing, and
geocoding enhancement resulting in high-quality data that can be
imported directly into RMS catastrophe models, or other systems. The
service increases analyst productivity by up to 50%, helps reduce costs,
and reduces risk uncertainty by cleansing property schedules using RMS
best practices. Data is exchanged through the RMS Data Cleansing Portal,
providing centralized tracking of progress. The RMS London Market Data
Community, made up of Lloyd’s syndicates, is an example of a market
initiative that uses the RMS Data Cleansing Service to access
top-quality data that has been standardized for use among the members.
Data is prepared once by the RMS Data Cleansing team, and then made
available to the community, saving subscribers the time and money
involved in preparing the information individually.
Consulting The core of our
consulting offering is our ExposureRefine™ portfolio analysis services.
This combines database-driven insights with proprietary algorithms and
formalized heuristics to systematically assess the quality against a
range of criteria, enabling objective assessment and targeted
improvements to the quality of data. RMS also now offers a range of
consulting services and tools to help develop and implement specific
strategies to measure, manage, and improve data quality.
Databases RMS databases are key
elements of our data quality solution. In 2002, recognizing the need for
quality sources of high-resolution exposure information, RMS
collaborated with Sanborn to provide clients with a high level of data
resolution allowing companies to geocode exposures in major U.S. cities
to the individual building, or ‘four-wall’ structure.
The ExposureSource™ database provide a a robust
source of enhanced exposure data for improved risk analysis and
management. This is a property-specific database that integrates a
mosaic of high-resolution information sources describing the built
environment in the United States, including a range of third-party
databases, satellite imagery and building photographs, extensive field
surveys and consultation with local planning departments. Comprised of
over 2 million U.S. commercial locations, we believe that this database
is already the most comprehensive and accurate independent description
of the U.S. built environment available to the insurance market, and we
continue to add to its coverage and depth with every month.
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