EQECAT and RMS to share data

Risk modelling firm, EQECAT, has agreed to share exposure data schemas with competitor Risk Management Solutions (RMS) to ease challenges for companies using multiple models.

The agreement will assist companies that rely on multiple models, which supply their own proprietary data schema.

“Transparent data standards for catastrophe modelling benefit EQECAT’s clients and the insurance risk transfer marketplace,” said Paul Little, president of EQECAT. “EQECAT is pleased to enter into this agreement which will improve the translation of data model inputs.

“Workflow inefficiencies of moving and translating exposure between models is a time-consuming exercise, and this collaboration is going to save many man hours.”