Insurance software company contributes data model through ACORD

Insurance software company contributes data model through ACORD | Insurance Business New Zealand

Insurance software company contributes data model through ACORD

Specialist London market insurance software provider Morning Data has announced that it will make its Conceptual Data Model assets available to the entire insurance industry by donating them through ACORD, the standards-setting body for the global insurance sector.

Morning Data’s model, with assets focused on reinsurance, delegated authority, financial accounting, claims and more, enables its users to benefit from a single relationship model for all classes and types of insurance and reinsurance, the company said. ACORD will incorporate the material into the existing data model and information model of the ACORD Reference Architecture, which is used widely throughout the industry.

“Morning Data has long been a vocal supporter and advocate of the ACORD Data Standards,” said Chris Newman, managing director – global at 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 includes business processes, product models, development frameworks, information models, data models, and capability models that help organisations 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. The model has been used to process nearly a million policies covering all kinds of insurance classes, Morning Data said.

“The value of a good data model is the proof that it works,” said Kirstin Duffield, CEO of Morning Data. “We are able to show a continual evolution for 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.”