This is a weekly series for The Regulatory Reporting Data Model Working Group. The RRDMWG is a collaborative group of insurers, regulators and other insurance industry innovators dedicated to the development of data models that will support regulatory reporting through an openIDL node. The data models to be developed will reflect a greater synchronization of data for insurer statistical and financial data and a consistent methodology that insurers and regulators can leverage to modernize the data reporting environment. The models developed will be reported to the Regulatory Reporting Steering Committee for approval for publication as an open-source data model.
openIDL Community is inviting you to a scheduled Zoom meeting.
One tap mobile +16699006833,,98908804279# US (San Jose) +12532158782,,98908804279# US (Tacoma) Dial by your location +1 669 900 6833 US (San Jose) +1 253 215 8782 US (Tacoma) +1 346 248 7799 US (Houston) +1 929 205 6099 US (New York) +1 301 715 8592 US (Washington DC) +1 312 626 6799 US (Chicago) 888 788 0099 US Toll-free 877 853 5247 US Toll-free Meeting ID: 989 0880 4279 Find your local number:https://zoom.us/u/aAqJFpt9B
Recap: Vehicle years - orig. talked about summing cov'd months, but bc more than 1 auto/policy is policy, exposure x mo. cov'd/12 is a better equation. When one vehicle is involved, stat record = sufficient.
However, when two cars or more on a policy, certain columns get filtered out. This is a risk only when customers are writing everything as a composite. Travelers, Hartford et. al. not doing this - raises the question of whether we want to have carriers doing composite approach. (Mr. Antley clarified that for Travelers: composite is done on personal but not commercial) - broad agreement: 1 exposure per vehicle/VIN.
Question raised: would composite-rated add any value to what we are trying to do? (Group: probably not, because it causes us to lose statistical data).
Mr. Antley: we may need a non-flat, nested way of storing information - multiple cars in a single record.
Mr. Braswell: composites risk diluting accuracy of total. Muddier aggregation & loss of information.
Mr. Harris: we risk losing a specific VIN #. We need to look at where composite is allowed on personal insurance.
Mr. Petruzielo: at The Hartford they do a unique record for each driver.
Mr. Antley raised the question of how this would impact the calculation of premium.
B. Additional Updates
Data engineering resources allocated by Peter Antley - they will be working on Basic Loss Limit and Excess Limit.
Will be working on building out all the rows in the next weeks with the corresponding columns
We will be talking about Homeowners in the weeks ahead
AWG - going well - talking about how app is working, about tenants for the HDS.
Looking ahead: e will be talking about the data definitions first then move into Homeowners.
II. No additional questions presented; meeting adjourned at 1:19PM EST