LONDON, Nov. 23, 2021
LONDON, Nov. 23, 2021 /PRNewswire/ -- Leading specialist London Market insurance software provider Morning Data today announced that it is making its Conceptual Data Model assets available to the industry at large by donating them through ACORD, the standards-setting body for the global insurance and related financial services industries.
Morning Data's extensive data model, with assets focused on Reinsurance, Delegated Authority, Financial Accounting, Claims, and more, will enable its users to benefit from a single relationship model for all classes and types of insurance and reinsurance. ACORD will incorporate the material into the existing Data Model and Information Model of the ACORD Reference Architecture, used widely throughout the global industry across various lines of business.
"Morning Data has long been a vocal supporter and advocate of the ACORD Data Standards," said Chris Newman, Managing Director - Global, ACORD. "This donation offers a useful extension to the existing ACORD Reference Architecture, expanding its applicability to brokers and MGAs in particular. Mapping the data model to ACORD's Global Reinsurance & Large Commercial (GRLC) Messaging Standards will provide a more holistic solution for our global community."
The ACORD Reference Architecture provides an enterprise architecture framework for the insurance industry. It consists of business processes, product models, development frameworks, information models, data models, and capability models which help organisations to develop, modify, and maintain various insurance industry applications.
Morning Data's Conceptual Data Model assets support data warehousing and application building. The model is designed to support multiple parties in a chain, global placements and multiple currencies for multiple divisions. To date, the model has been used to process nearly a million policies covering all kinds of insurance classes. It also supports risk-level data for all high-level classes of business, including Schedules of Insurable Interests with a broad list of associated data for each interest. It also supports many other integrations including Sanctions and Vessel Data, and is currently being used by Morning Data for submissions to the London Market Bureau through ACORD Solutions Group's ADEPT (ACORD Data Exchange Platform & Translator).
Morning Data's Data Model serves as the basis for the award-winning software solutions it has provided to Coverholders, MGAs, Brokers, Carriers, and Captives, both in the UK and overseas. Morning Data has provided core system solutions to the London Market since 1982.
Kirstin Duffield, CEO of Morning Data, said: "The value of a good data model is the proof that it works. We are able to show a continual evolution over 30 years of all classes of business and all types of Reinsurance and Insurance, including Delegated Authority, using one model — not just for risks or claims, but also for master contracts, schedule data, partner management, compliance, documentation production, technical accounting, bureau integration, and cash management. The Data Model supports everything for any end-to-end solution suitable for domestic, international, and global enterprises. We believe that donating this Data Model to the industry, through ACORD, can help to support market modernisation, by breaking down the barriers that face companies and the collective market."
About Morning Data
Morning Data is a leading supplier of world-class software and service solutions for the global insurance industry. Morning Data has been providing state-of-the-art Insurance Software Systems to its clients since 1983. Its clients range from start-ups to established larger wholesale brokers, supporting the changing nature of their portfolios and focussing on a data first ethos, maximising integration flexibility and efficiency and minimising User journeys and pinch points.
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD engages thousands of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations in more than 100 countries. ACORD maintains offices in New York and London. Learn more at www.acord.org.