What’s New: In Brief (May 20, 2008)

Policy Works has launched the first commercial management system that allows brokers to exchange commercial-lines data electronically with four insurers.
With the company’s eMarketing version 6.2, brokers can upload and download commercial policy and quotation information with ING Insurance Company of Canada, Gore Mutual Insurance Company, Aviva Canada Inc. and Royal & SunAlliance Company of Canada, says a release.
“Exchanging commercial-lines data with multiple insurers is a difficult problem and we want to thank our four insurer partners for having the vision and fortitude to work with us on it,” said Kevin Campbell, the president of Policy Works Inc.

Risk Management Solutions (RMS) has launched ExposureRefine, a service that systemically assesses and enhances the quality of exposure data within the insurance industry.
The program uses a combination of RMS analytics and databases to assess, measure, and improve the completeness and accuracy of exposure data, an RMS release says.
The ExposureRefine service also leverages a suite of analytics that quantify the completeness and resolution of data, and heuristics that assess accuracy by identifying suspicious or illogical combinations and surfacing inconsistent patterns.
“The ExposureRefine service, believed to provide the most comprehensive assessment of portfolio exposure data quality today, will help insurers and reinsurers systematically improve the accuracy of their catastrophe loss analysis and provide a consistent way to measure and benchmark data quality,” the release says.