NEWARK, Calif.-- 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 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 and RiskBrowser 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."
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