In a recent article published in Insurance Day, Steve Smith, Director Insurance Product and Modeling, at QOMPLX, discusses the inconsistency in standards and data formats across the insurance industry. “The problem is not an absence of standards but that different standards have been adopted and embedded by almost all the players in the chain” Steve notes.
The translation of data comes at a cost and companies are hindered by the expense and time spent mapping, with a result that is reducing integrity and quality of our data. There are ongoing initiatives to promote common standards, but it still isn’t enough and it’s time to collaboratively focus on interoperability across all brokers and carriers.
QOMPLX is contributing to the cause with the launch of the community data standards library ReQoncile.io. It is a web-based open resource intended to help the industry share schemas, translation tools, and standards and ultimately reduce the churn of individual efforts. In closing Steve says, “ReQoncile is intended to help the entire industry resolve the specific frictions by our super-abundance of data standards, so those pains can be eliminated”.
Read the complete Insurance Day article, published 5/12/21.