QOMPLX™, the leader in cloud-native risk analytics, is establishing an open initiative to encourage improved transparency and consistency in data across the insurance industry. This will also improve collaboration and interoperability. QOMPLX is curating and hosting standards and select tools at ReQoncile.io – an unbiased, industry rallying site that will provide a single place where data standards and schemas can be easily accessed and compared. It is a referenceable library for the industry, where players across the insurance value chain can access a growing collection of work available or in progress initiatives.
The ReQoncile.io site is a publicly available curated registry of standards initiatives, data schemas, and data translation and modeling tools. The effort also plans to host a catalogue of articles, academic papers, events, and other services and tools from sources across the industry. The initiative extends some of QOMPLX’s broader efforts to increase data accessibility and usability across challenging domains like cybersecurity, insurance, and finance.
“The insurance industry suffers from a plethora of different data standards and initiatives which often overlap or conflict with each other. We hope to accelerate progress and reduce friction in the insurance data supply chain by curating a comprehensive library of standards and schemas which are increasingly accessible to all,” said Dr. Steve Smith, Director of Insurance Product and Modeling at QOMPLX. “ReQoncile is about carefully cataloging the multiple efforts to ensure awareness and allow for effective comparison and evolution of data standards and translation. We feel that ReQoncile can allow effective, organic progress via a robust network of industry participants and advisors unencumbered by a forced formal group or consensus-driven initiative.”
To involve a broad segment of the industry in its governance and development, a ReQoncile Advisory Board was established to oversee the right controls, community dynamics, and industry support. A growing group of leaders and advocates includes well-known interoperability and data standards leaders such as Dickie Whitaker, CEO at Oasis LMF, Robin Merttens, Co-Founder InsTech London, Mark Cravens, an industry leader in catastrophe risk management, and Matilde Anello-Gaudiza, who leads the Centre of Excellence for Data Foundation & Architecture at Swiss Re Group.