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 catalog 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.
“When asked to be a part of the ReQoncile Advisory Board, it was an easy decision to help raise awareness across the industry because we can create far better products, for its clients, which can be more easily accessed and understood,” said Robin Merttens, Co-Founder and Partner at InsTech London. “We need to step back, collaborate, and reduce competing initiatives eating up precious investment dollars and deterring us from true progress.”
If interested in contributing or learning more about the ReQoncile, the insurance data standards library, contact our team at ReQoncileInfo@qomplx.com.
QOMPLX is the leader in cloud-native risk analytics. We help organizations make intelligent business decisions and better manage risk through our advanced, proprietary risk cloud platform. We are the leaders at rapidly ingesting, transforming, and contextualizing large, complex, and disparate data sources through our data factory in order to help organizations better quantify, model, and predict risk in areas including cybersecurity, insurance, and finance. Backed by Bill Foley’s Cannae Holdings, QOMPLX is co-founded by CEO Jason Crabtree, a former Special Advisor to the Commanding General of the U.S. Army Cyber Command and the Department of Defense, West Point graduate, Rhodes Scholar, and veteran of the War in Afghanistan, and by CTO Andrew Sellers, a U.S. Air Force Academy valedictorian, Truman Scholar, and Iraq War veteran. QOMPLX has entered into a definitive business combination agreement with Tailwind Acquisition Corp. and will be traded on NYSE under the ticker QPLX upon closing of the transaction. For more information, visit qomplx.com and follow us on Twitter.