Independent CPRI platform Dialogue Exchange Global Limited (Dialogue) today announces the introduction of the Single Risk Credit Insurance Data Standard, designed to provide data integrity, accuracy and consistency across the market and creating a digital foundation for automatic underwriting and increased deal flow.
Available to all brokers and insurers, the Dialogue Single Risk Credit Data Standard is the result of extensive ongoing collaboration between major market practitioners, focussed almost exclusively on credit insurance terms.
The Dialogue Single Risk Credit Data Standard has been developed to complement the existing Acord / Lloyd’s or other basic P&C standard that might already be implemented into a company’s systems.
Credit insurers Chaucer Syndicates; Euler Hermes; Liberty Specialty Markets; Sompo International; Talbot Underwriting; and Tokio Marine HCC collaborated with specialist brokers Miller Insurance Services; Cofarco; Aon UK; and Aon France to develop the data standard.
Lloyd’s also supported the development of the standard, which harnesses data from S&P Global Market Intelligence. The standard covers structured credit transactions across an extensive number of deal types.
Dialogue Founder and CEO Ben Heaney said:
“Data standards are the essential building block for any successful market modernisation initiative. Creating the world’s first non-proprietary, free, open standard dataset specific to CPRI will dramatically reduce data entry time and cost while improving accuracy.
Common standards will also help the CPRI market to attract more capital, while rating engines can also be designed around standard data sets, leading to automated underwriting, further lowering frictional costs. A guide to the standard can be made available on request at email@example.com, and is already built into the Dialogue platform, which finished beta testing in December 2020.”