Brokers/MGAs to gain access to Morning Data’s data model via ACORD
Morning Data, a provider of software and service solutions for the global insurance industry, is making its Conceptual Data Model, with assets focused on re/insurance, delegated authority, financial accounting and claims, available through ACORD, the standards-setting body for the global insurance and related financial services industries.
The model will enable market participants, including coverholders, MGAs, brokers, carriers and captives, in the UK and overseas to benefit from a single relationship model for all classes and types of insurance and reinsurance.
ACORD will incorporate the assets into its existing Reference Architecture, which is used widely throughout the global industry across various lines of business. It consists of business processes, product models, development frameworks, information models, data models, and capability models which help organisations to run, develop, modify, and maintain various insurance industry applications.
Morning Data’s Conceptual Data 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 contracts covering all kinds of insurance classes.
The model 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, as well as other integrations including Sanctions and Vessel Data. It 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).
Chris Newman, managing director - global, ACORD, said: “ Morning Data has long been a vocal supporter and advocate of the ACORD Data Standards. 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.”
Kirstin Duffield, Morning Data chief executive officer, commented: “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.”
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