This collaboration aims to incorporate the Open Exposure Data standard into Quex, Quotech’s new exposure management platform.
Quex is designed by underwriters to effectively manage exposures and address common pain points in the industry. It represents the latest generation of property exposure management tools, offering robust solutions tailored to the needs of underwriters.
The Oasis Loss Modelling Framework, owned by the industry, seeks to enhance risk assessment by providing a greater selection of models and fostering improved transparency, performance, and innovation. This partnership with Quotech is expected to further these goals by integrating advanced data standards and tools within the Quex platform.
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, also commented, saying: “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.
Bonnissent added: “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.”
