Catastrophe modeling firm AIR Worldwide (AIR) now has two platforms, Touchstone and CATRADER, certified for the implementation of ACORD property exposure standards for delegated authority reporting (ER3001) and aggregated reporting (ER3003). AIR is compliant with those standards and has implemented an ACORD import feature in its software applications.
ER3001 is the standard used to report property schedules from delegated authorities to their carriers, says AIR. ER3001 is accepted in the Lloyd’s of London market as the preferred mechanism for reporting U.S. property business. ER3003 is the standard used to report aggregated property details, typically from cedants or their brokers, to reinsurers.
AIR says the ACORD standards can be used to supply a data granularity at a per-address or aggregated level. The standards are published as a series of standard spreadsheet formats and as XML messages. Business benefits to implementing the standards are intended to include reliable data, reduced processing overheads/improved processing efficiency, and improved data analysis.
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