[Cyber, Liability] Integration of Cyber and Liability into Property specification

[johcarter]

Description

Create a single integrated OED specification which is consistent across property, cyber and liability classes in the next major release.

In particular, this involves a major revision of Cyber v1 and Liability v1 specs to bring them in line with property, but with minimal impact on the property standard.
Marine & Cargo v1 is in progress but would be integrated in the same way as introduced here.

This has received high level approval from the ODS Steering Committee and a release candidate for OED v4.0.0 will be produced by approximately end of May 2024 for a more in-depth technical review, allowing about a month for review and adjustments.

An approximate timeline will be

End May: Produce first release candidate on branch '4.0.0rc1'
Until mid June: Opportunity for technical review and feedback
Until end June: Incorporate feedback and produce final release candidate on branch '4.0.0'
End June: Set OED v4 release date +3 months
End September: Release OED v4

Please see attached presentation for the background and more information. Note that proposal 2 (develop a class and line of business code list) was not approved by ODS SteerCo and will not be implemented in OED v4.

Reasons for change

• The OED standard for property has stabilized over the last 5 years into annual major releases with only minor intra-year updates.
• Cyber and Liability v1 standards have been developed independently by separate groups of market experts, without reference to the existing OED standard. These first versions have begun to be used in practice.
• Cyber and Liability v1 lack consistency with the OED standard for property (using different field names to mean the same thing, for example).
• Before the new schemas get too “bedded-in” it is proposed to consolidate the OED standard and restructure it as a coherent and consistent data standard across the three covered classes of business and logically extensible to additional classes.

Changes are being proposed to bring Cyber and Liability fields in closer alignment with OED with the following goals;

• consistency and symmetry in exposure data storage across classes of business
• more clarity in the meaning of fields and the valid values they can contain
• more structured financial terms for clarity of processing rules, and
• to better enable validation of exposure data

Scope of change

• [X ] Location File
• [X ] Accounts File
• Reinsurance Scope
• Reinsurance Info

The Cyber and Liability fields will change significantly. Property will be minimally affected, although there may be major changes caused by other issues being implemented in OED v4.0.0 at the same time.

Impact of change

Validation tools will need to be updated to work with the new specification file, where the structure of the field list table will change, and additional tabs with more code lists will be added.

See attached presentation about the changes

[johcarter]

OED_integration_proposal_v1.4.pdf

[johcarter]

Outstanding list

• Add OtherValues: IndustrySchemeXX, CompanyIDSchemeXX, CloudVendor, CRMVendor, EmailVendor, OSVendor, PatchPolicy, BackUpFreq, CoverageTrigger, IsGroupCover, DefenceCost, IsPackage
• Add 0-Unknown codes to vendor values
• Define CR fields