London market insurance data and tech experts launch new firm; partner with Morning Data
London market insurance technology and data specialists Jeff Ward, Simon Asplen-Taylor, Kirstin Duffield and Paul Buckle are launching a new commercial insurance digital and data consulting company, called Datum Point Consulting.
Datum Point aims to address the growing need for expert advice and products in the commercial insurance industry’s rapidly growing digital and data space. Its founding team collectively brings to the market nearly a century of combined digital, data and insurance expertise, delivering solutions to a wide range of complex challenges.
The company has entered into an exclusive partnership with Morning Data, a provider of software and service solutions for the global insurance industry. Datum Point will gain exclusive rights to extend Morning Data’s conceptual data model, recently donated to ACORD, to offer insurance operations a range of data model options from enhanced logical through to physical data model, with a number of associated products.
The Morning Data conceptual data model is designed to fill a gap in the insurance market’s digital initiatives, which have not been able to deliver cohesive data standard across the spectrum of initiatives. Datum Point plans to enhance the data model to allow insurance operations to leap forward with their digitial ambitions.
Datum Point's Paradigm Insurance data model, the first commercially available London Insurance Market compatible data model, will be available from January 2022. It is in production use by over 30 brokers, insurers and MGAs with in excess of a million risks and claims stored, validated and analysed within it, according to the company.
“We are really excited to launch Paradigm, which is based on the Morning Data conceptual data model which has also been donated to the Industry through ACORD. Paradigm will be available in Conceptual, Logical and Physical editions, offering insurance operations a tried, tested and standard insurance data model,” said Jeff Ward, managing director of Datum Point Consulting.
“Paradigm fills the gap between standards and systems that has dogged the insurance industry since technology was invented,” he added.
Director Asplen-Taylor, said: " Morning Data took the bold and unprecedented step of donating its Conceptual Data model to ACORD. That model, and it’s Logical version, is now exclusively licensed to Datum Point Consulting as part of our Paradigm product suite, which provides Conceptual, Logical and Physical editions of the model together with a suite of value-add functionality."
Kirstin Duffield, chief executive officer of Morning Data, commented: “We are delighted to be offering this exclusive partnership with Datum Point, as we know that they’ll be offering a unique proposition to the market and one that will see the market leap forward in digital capability.”
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