Open Exposure Data (OEDTM) is a new exposure data format, developed by Simplitium in collaboration with the industry to ensure a robust and documented exposure framework for Oasis based platforms and models. Designed with Oasis at its core, OED allows firms to take full advantage of the capabilities of the Oasis financial module.
OED delivers greater transparency and enables more robust validation of exposure data within Oasis. It also allows model vendors to unify around one exposure format, creating a standardisation that is needed in the industry.
As well as serving as a basis for models running on Oasis, this fully open and independent format is a good starting point for any (re)insurance entity implementing a vendor agnostic exposure database - a recommended strategy to avoid being tied in to any one catastrophe model vendor.
OED will be complemented by ModEx’s Open Results Data (ORD) format, a structured set of relational tables for storing results from Oasis based models. More information
on ORD will follow later in the year.