OPEN RISK DATA will provide a neutral, non-profit Risk Data Exchange solution to facilitate the digital exchange of risk object data in the German and multinational Commercial Insurance market.
The mission of the OPEN RISK DATA Association is to bring together corporates, brokers, insurers, and other stakeholders across the insurance value chain to share risk data through an open API standard. In addition, the Association is dedicated to strengthening the DACH region’s role as a leading hub for innovation in multinational commercial insurance.
Value Proposition:
ORDA will increase trust, reusability, exchangeability & comparability for the risk manager, streamlining the entire risk data gathering, submission and communication process.
Value Proposition:
Brokers will benefit from efficiency gains, better data quality as well as access to new data pools which will allow to provide better insights and differentiating advisory services to their customers.
Value Proposition:
Carriers will benefit from significantly improved submission intake, evaluation, pricing and quotation processes through automated ingestion, facilitated data enrichment and augmented decision-making.
All decisions are made within a mutually agreed governing body, established to act neutrally, without a profit orientation. The governing body has design authority for the technical solution.
Funding is ensured by membership fees to cover investments and operational expenses.
The initiative is designed to be inclusive for interested insurers, brokers, corporates, or any other pertinent market stakeholder group (restrictions may apply). The solution strives to be agnostic towards technological, architectural or processual requirements.
Contribution, participation and decision structures are defined and agreed within the governance model of the legal entity to strike a balance of all involved stakeholder groups. Intellectual property will be held jointly within association for equal benefits.
Decisions and general information about the initiative and its deliverables will be documented, communicated and transparently shared with interested parties.
For further information, please contact us - we will answer all your questions.