Morning Data, a specialist London market software provider for insurance, has announced that it will make its Conceptual Data Model assets accessible to the entire industry through ACORD. This is the body responsible for setting standards in the global insurance sector.

Morning Data's model with assets that focus on reinsurance and delegated authority as well as financial accounting and claims, allows its users to have a single relationship model that covers all types and classes of insurance and/or reinsurance. ACORD will integrate the material into its existing data model and information models of the ACORD Reference Architecture. This model is widely used in the industry.

Chris Newman (managing director global at ACORD), stated that Morning Data has been an active supporter and advocate for the ACORD Data Standards for a long time. "This donation is a valuable extension to the ACORD Reference Architecture and expands its applicability to brokers, MGAs, and other stakeholders." The global community will benefit from a holistic solution by mapping the data model to ACORD’s Global Reinsurance & Large Commercial Messaging Standards (GRLC).

ACORD Reference Architecture is an enterprise architecture framework that supports the insurance industry. It contains business processes, product models and development frameworks. Information models, data models and capability models are all included. These models help organisations to develop, modify, and maintain various types of insurance industry applications. 

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Morning Data's Conceptual Data Model assets are used to support application building and data warehousing. This model can support multiple parties, including global placements and multiple currencies. Morning Data stated that the model was used to process almost a million policies across all types of insurance classes.

Kirstin Duffield is CEO of Morning Data. "The value of an excellent data model is that it works." We have been able to demonstrate a continuous evolution over the past 30 years of all classes and types of reinsurance or insurance, including delegated power, using one model. This not only allows for claims and risks, but also for master contract data, schedule data and partner management. Also, we can use this model for compliance, documentation production and technical accounting. Bureau integration and cash management are all possible.

The data model provides everything needed to create an end-to-end solution that is suitable for both domestic and international enterprises. This data model can be donated to the industry through ACORD to help with market modernisation and break down barriers that companies face.