Takeaways:
- Verisk Regulatory Data Exchange (RDeX) serves carriers and regulators
- More capabilities will be added in 2026
Global insurance data and risk firm Verisk provides information that helps define underwriting of P&C and life insurance. This includes everything from wildfire catastrophe modeling to usage-based auto insurance. The Regulatory Data Exchange (RDeX) tool, Verisk's newly launched service, is gaining traction with both carriers and
Digital Insurance spoke with Nancy Clark, assistant vice president of regulatory strategy at Verisk, about RDeX capabilities and future plans for the tool. She joined Verisk in 2023 after a long career in various roles at the Texas Department of Insurance.
This article is from a longer interview and edited for clarity.
What is RDeX and how is its rollout progressing?
The first piece of it is aimed at research. This is a product that's going to continue to grow, but at its current state, is a research tool to help connect both regulators and carriers with data calls and data elements and make them available.
We launched our first release to the regulator community in April, and then rolled it out for carrier customers in July, and continued to make additional releases as the year has gone on, with a lot of new features slated for next year as well.
We currently have 15 states that are signed up for the service, with at least that many that are still reviewing contracts. It's also open to all our core customers. We have at least 80 carriers using it to look at data.
To know if a data element is currently being reported and where, a RDeX user can type in the data element, for example, 'number of claims,' and then see where the 'number of claims' are currently being reported. Results would show any data calls or regulatory reporting, like stat agent reporting, market conduct annual statement, or other reporting types included in RDeX. RDeX creates a cross reference to help the user locate where the data element is currently reported.
How does RDeX function? What capabilities does it bring that no other system had?
We looked at the complexity of regulatory data reporting and how it's changed, to understand what Verisk could do to make a difference, both for carriers and for regulators. Through conversations with both those groups, the first step was to create this database to compare data calls down to the elements themselves, and promote data reporting standardization.
Today that's done very manually. For example, there was a Pennsylvania auto insurance data call that had been done every year. Then last year they issued significant changes to that data call. RDeX allows you to compare the prior call to the new one, and really see what's changed. That makes it more efficient for carriers to pull the information and recognize what's needed.
Unless they're collaborating with each other, regulators don't know what data elements are being asked for by other states. That will be significant in the future, as more of them get used to using the tool. As they're looking at data calls based on legislative studies or other reporting requirements, they can use this tool as a first step.
The National Association of Insurance Commissioners (NAIC) had a Property & Casualty Insurance Market Data Call and has a new proposed homeowners data call. We are looking at what's changed based on an element to element comparison, and what needs to change to report the new data. RDeX will definitely be really helpful. We heard from carriers that the call was very labor intensive to create. We think this will be a valuable tool to help in that effort.
How does RDeX make it easier to research trends from collected data?
A big piece of RDeX is seeing what are they asking for, and being able to compare, not only the NAIC homeowner's data call, but other types of data already being reported. An insurance regulator might be very well aware of information reported as part of an annual market conduct statement or financial statement, but other parts of the agency may not know those elements. This tool can not only look at and compare data calls, but also allow a regulator to look for a particular data element to see if it was already reported. We're trying to reduce the need for the special calls, so that they can better understand what's collected and if that meets their needs, versus having to go out and ask the industry for more data.
What can RDeX show using data collected after a major natural disaster?
It's able to look at what data is being asked for, so if a state needed to issue a data call, they have a place to start. They could see what neighboring states asked for, and if they can align with what those states are doing. They can see what their fellow regulator is doing, call them and ask what worked and whether they got what they needed. There was no way to do that previously. This tool helps to foster that collaboration across the regulators. States having a tool to use will help them issue more effective, efficient and standardized data calls.
What further enhancements to RDeX are being planned or considered?
Our last big release had some AI components, adding chatbots so you can ask questions and compare at a more granular level. Around data calls, not only can you see a line of business, but you can drill down to a particular sub line.
In the new year, we are planning to add data ingestion, so states can use the tool for data collection. Carriers will be able to submit the data that way, and provide some analysis and insights into the data. Those are our big roadmap items for 2026 and the team is actively working on those today. Really excited about where this product is going to go.
