RMS Unveils New Version of Data Quality Toolkit for Enhanced Exposure Data Management

The release offers a new building valuation capability that RMS says helps re/insurers to identify potential valuation issues with particular lines of business, regions, or portfolios, and to understand the risk associated with under and over-valuation of properties

Risk Management Solutions (RMS, Newark, Calif.) has released the latest version of its Data Quality Toolkit, which the vendor describes as enabling insurers and reinsurers to assess manage and improve the quality of their exposure data. According to an RMS statement, The Toolkit gives users insight into the data quality of a single submission or across one or more risk portfolios, and offers a new building valuation capability that helps users to identify potential valuation issues with particular lines of business, regions, or portfolios, and to understand the risk associated with under and over-valuation of properties.

The RMS Data Quality Toolkit delivers the capability to measure and visualize the quality of exposure data across the crucial dimensions of completeness and accuracy, providing a single quality score for each. Unlike data quality assessments based solely on total insured value (TIV), Data Quality, the RMS statement says.

"We are proud to offer clients a product that allows them to make informed business decisions and target poor quality data for efficient clean-up, saving them both time and money," comments Roger Arnemann, VP, data solutions, RMS. "Building valuation is an exciting addition to the solution and a great complement to our completeness and accuracy scoring process, wrapping up a powerhouse of objective analysis into metrics that clients can act upon."

The Data Quality Toolkit uses what RMS terms sophisticated heuristics to identify suspect geocoding, unusual exposure attribute combinations and inconsistent financial structure coding in client data. It then compares it to the RMS ExposureSource Database, which contains primary modeling information for more than 11 million commercial and over 68 million residential locations.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio