RMS(R) Data Wizard Available at No Charge Through Company Web Site
NEWARK, Calif., May 17 /PRNewswire/ -- Risk Management Solutions (RMS),
the world's leading provider of products and services for the management of
catastrophe risk, today announced that it has released a new data formatting
tool called the RMS(R) Data Wizard. The tool is designed to help clean up and
convert data about insured locations into a common format for use by insurance
buyers, agents, brokers, insurers, and reinsurers. The Data Wizard automates
the process of preparing account information according to the ACORD Open
Market Standard, which was published in 2003 following a collaborative
exercise among ACORD's global members. The standard provides a single format
for the reporting of location exposure information throughout the worldwide
insurance and reinsurance information chain.
RMS is distributing the Data Wizard at no charge through its web site at
http://www.rms.com/datawizard. The tool functions as an add-in to Microsoft Excel,
guiding users through the process of making location schedules ready for
import into systems that use the ACORD format, including the RiskLink(R) and
RiskBrowser(R) catastrophe modeling platforms that are widely used in
insurance markets. The Data Wizard includes side-by-side help to assist users,
and is distributed with a user guide, tutorial, and sample location schedule.
"The RMS Data Wizard will further facilitate adoption of the ACORD Open
Market Exposure Reporting Standard," said Phil Brown, U.K./European standards
manager of ACORD. "RMS providing this free of charge is a welcome contribution
to the insurance market."
The RMS(R) Data Wizard helps users to:
-- Get location schedules into standard ACORD or RMS formats in order to
secure an insurance quote more quickly on cat-exposed risks, in
particular for property and workers compensation exposures.
-- Save risk managers and their brokers time and effort in preparing
location schedules, and facilitate a common understanding of the key
location data elements such as street address, occupancy type,
construction type, number of stories, and year of construction.
-- Automatically clean up items such as inconsistent currencies, extra
subtotals, page breaks, extra characters, and other common data
formatting problems.
-- Intelligently recognize addresses defined in a wide variety of formats
and allow you to efficiently parse them into their discrete components.
-- Convert descriptions of construction and occupancy types to the
appropriate codes, based on classification schemes used by insurance
underwriters and catastrophe models.
"We hope that the RMS Data Wizard will be used not only by insurance
companies, but by brokers and risk managers as well," said Paul Nunn,
catastrophe risk manager with ACE. "The submission of consistent and accurate
location schedules is critical to technical rating and portfolio optimization,
and use of the Data Wizard will assist in this process."
About RMS
Risk Management Solutions is the world's leading provider of products and
services for catastrophe risk management. More than 400 leading insurers,
reinsurers, trading companies, and other financial institutions rely on RMS
models to quantify, manage, and transfer risk. Founded at Stanford University
in 1988, RMS serves clients today from offices in the U.S., Europe, and Japan.
For more information, visit our web site at http://www.rms.com.
RMS, RiskLink, and RiskBrowser are registered trademarks, and the RMS logo
is a trademark of Risk Management Solutions, Inc. All other trademarks are
property of their respective owners.
SOURCE Risk Management Solutions
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Related links:
http://www.rms.com
http://www.rms.com/datawizard
CONTACT:
Sarah Goodall of Risk Management Solutions,
London, +44-20-7256-3815, sarah.goodall@rms.com; or Jim Marren of
TorranceCo, New York, +1-212-786-6133, jmarren@torranceco.com,
for RMS
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