HOWDEN PARTNERS WITH MORNING DATA TO GET READY FOR NEW LONDON MARKET REQUIREMENTS
Morning Data announces today that Howden, the international insurance broker, has embarked on a trial of the EOS Workbench Contract (CDR) Checker service provided by Morning Data. The Contract (CDR) Checker will support the Howden in meeting the new London Market requirements for the updated Market Reform Contract (V3) and Core Data Record.
The Core Data Record (CDR) and the Market Reform Contract v3 (MRC v3) are two thirds of the foundational pillars of Blueprint 2, the plan to build the most advanced insurance marketplace in the world. CDR and MRC v3 will play a key role in embedding data standards and strengthening data quality. Combined with the introduction of new core digital solutions, this will transform how accounting and settlement – for both premium and claims – will be delivered in the market.
With a deadline of 30th September 2023 for brokers to produce MRC v3 compliant contractual documents from their systems, Howden approached Morning Data for a solution that would streamline and accelerate the implementation process for both the MRC V3 mandate and the CDR submission process, as well as furthering their own digital and data improvement targets. Morning Data’s Contract (CDR) Checker met both these criteria.
Contract (CDR) Checker is an easy to use API (application process interface) that enables users to consume, test and respond to the complete set of CDR v3.2 rules, while providing feedback on the checks to the user. In addition to its capabilities in meeting the CDR v3.2 rules, Contract (CDR) Checker can also be used to check over 500 business rules, and perform historical data analysis, enabling users to clean up and align data. It can also be used in system development testing, and as harnessed as a tool to reduce errors and queries in the pre-placement process
On the implementation of the Contract (CDR) Checker trial, Simon Boniface, Deputy Chief Operating Officer – Head of Product, from Howden, commented “As a technology and data-driven company, Howden is committed to embracing cutting-edge solutions to provide the best services to our clients and naturally we want to ensure that our clients can benefit from the digital improvements of Blueprint 2 as soon as they are available. The integration of the CDR Checker will give us early sight of the future state, which will help us with the MRC v3 adoption and allow us to validate and maintain the highest levels of data compliance, streamlining the insurance placement process and reducing the risk of errors or discrepancies. By working with Morning Data, we get a chance to verify what data is missing or incomplete from our legacy systems affording us time to make improvements and ensure that our new policy admin system adheres to emerging industry standards while leveraging state-of-the-art technology to deliver exceptional service to our clients.”
Kirstin Duffield, CEO of Morning Data "We are delighted that the market has responded to the release of the Contract (CDR) Checker and see this as an integral part of the market transformation to a data first approach to insurance amongst brokers, who may need multiple areas supported as they undergo differing operational change activities. The flexibility and simplicity of this service can support all in a variety of ways that suits them. We are excited by the future, and how this will help see the change the market has been working so hard to implement."