âMorning Data has long been a strong supporter and advocate of ACORD data standards,â said Chris Newman, Managing Director – Global at ACORD. âThis donation provides a useful extension to the existing ACORD reference architecture, extending its applicability to brokers and MGAs in particular. Matching 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 capacity models that help organizations develop, modify and maintain various applications in the insurance industry.
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.
âThe value of a good data model is proof that it works,â said Kirstin Duffield, CEO of Morning Data. “We are able to show a continuous evolution for over 30 years of all lines of business and all types of reinsurance and insurance, including the delegated authority, using a single model – not only for risks or claims, but also for framework contracts, schedule data, partner management, compliance, documentation production, technical accounting, office integration and cash management.
âThe data model takes care of everything for any end-to-end solution suitable for national, international and global businesses. We believe that donating this data model to industry, through ACORD, can help support market modernization by removing barriers faced by businesses and the collective market.