The extensive data model, with assets focused on (Re)Insurance, Delegated Authority, Financial Accounting, Claims and more, will enable Market participants to benefit from a single relationship model for all classes and types of insurance and reinsurance. It is anticipated that ACORD will incorporate the donated assets into the existing ACORD Reference Architecture, which is used widely throughout the global industry across various lines of business.
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.”
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 organizations to run, 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 contracts 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, Morning Data CEO, 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.”.
Throughout 2020/21 Morning Data has expanded market capabilities by moving into the captive insurance market and seen an increase in intermediaries, insurance and global organisations requesting demonstrations of the NOVUS and HELIX systems. The focus on a Data rich, Data first approach with a broad set of integration points for both London and International operations serves its clients both current and future in executing their plans in a changing landscape.