Catastrophe risk modeller Eqecat has agreed to share exposure data frameworks with its rival Risk Management Solutions (RMS).

The deal is a response to calls from insurers and reinsurers for better integration between models, and follows a similar collaboration last year between RMS and modeller AIR Worldwide.

Transparent data standards will benefit clients, Eqecat President Paul Little says.

“Eqecat is pleased to enter into this agreement, which will improve the translation of data model inputs.

“Workflow inefficiencies of moving and translating exposure between models [are] time-consuming… and this collaboration is going to save many man hours.”

The deal “does not include, nor does it impose any restrictions on, the ‘operationalisation’ of results data to or from either Eqecat or RMS platforms”, Mr Little says.

It follows the launch last month of RMS(one), an RMS open platform that will allow insurers and reinsurers to run a range of models concurrently.