Quotech and Oasis link for versatile, open data standards
The companies will combat “inertia in the system” and create “a free, effortless, and unbiased data ecosystem”.
15 July 2024, LONDON: Quotech, the underwriter-led developer of truly useful, properly integrated technology solutions for underwriting and broking teams, has linked with industry-owned Oasis Loss Modelling Framework, the sector’s open source catastrophe modelling platform, to adopt the Open Exposure Data standard within Quex, Quotech’s new exposure management platform.
- Quex from Quotech is underwriter-designed to manage exposures properly, and built to eliminate the pain points. It delivers the ultimate generation of property exposure management tools.
- Oasis Loss Modelling Framework is industry-owned to improve risk assessment through greater choice in models, and improved transparency, performance, and innovation
Dickie Whitaker, Chief Executive of Oasis Loss Modelling Framework, said: “It’s fantastic to see Quotech embrace the OED standard. We see growing momentum behind the use of open standards, around exposure in particular. But against that, unfortunately, we detect a level of inertia in the system which keeps proprietary data standards dominant.
“We are delighted to work with Quotech to support them as they remove incumbent obstacles to a free, effortless, and unbiased data ecosystem for the entire global risk sector. Operating in such an environment could save the sector substantial amounts by removing unnecessary steps from the system, purging ambiguity, and speeding processes significantly. Our cooperation advances the independence that brings efficiency, which the industry is beginning to require.”
Guillaume Bonnissent, Chief Executive of Quotech, said: “We designed Quex to be an exposure management platform that better meets needs of users. Innovation in multiple areas of exposure management technology was overdue, not least in the way a gold-standard EM system encodes, transmits, and interprets the data that defines risks. The Open Exposure Data standard from Oasis is the obvious alternative. It allows seamless, effortless integration with almost any other platform.
“Whether Quex users have adopted familiar vendor models, built their own on the Oasis platform, or a combination of both, to embrace the universality of OED simply makes obvious sense. With new data sources to assess risk exposure coming on line every day to be incorporated into daily analysis, it makes utmost sense to ease ingestion through the widespread adoption of a common, open standard.”