Morning Data offers data model to entire industry via Acord
London market software provider Morning Data has made its conceptual data model assets available to the wider industry by donating them through the data standards-setting body Acord.
In a move to support the market’s modernisation, the donation will help firms manage, process and exchange data, place risks and perform multiple other functions across various business lines.
Morning Data CEO Kirstin Duffield said: “This market has been sorely in need of a joined-up combination of standards, quality reference lists and flexible and consistent but structured design.
“With these, we can all start to exchange data with others, use rating engines, place on platforms, link payment services, leverage AI and quality-informed reporting and reduce frictional costs that dog the London Market.”
She added: “We already have an excellent standards body that we, as market participants of all kinds, must invest in, but the various market initiatives over the years have consumed huge amounts of money, and in the meantime the digital landscape has changed.
“This is a pivotal moment in the transformation of the London market where collaboration is working in practice.”
Duffield indicated hopes for the model to be adopted by new entrants, or firms looking to create a single structured design for data warehouses, pool multiple sources of data, and those wanting to reduce multiple versions of the truth within their digital assets.
By donating data model assets focused on (re)insurance, delegated authority, financial accounting, claims and more, Morning Data will enable users to deploy a single relationship model for all classes and types of (re)insurance.
Acord will incorporate the assets into the existing Acord reference architecture, used widely by global insurance firms, which comprises elements such as business processes, product models and data models to help organizations run, modify and maintain industry applications.
Chris Newman, global managing director at Acord, explained that the donation extends the architecture, expanding its applicability to brokers and MGAs.
“Mapping the data model to Acord’s Global Reinsurance & Large Commercial Messaging Standards will provide a more holistic solution for our global community.”
Morning Data’s data model helps firms manage their data warehousing functions and build applications.
It is designed to support parties involved in a chain of data exchanges, global placements and where multiple currencies for multiple divisions are required. It also supports risk-level data for all high-level classes of business.
Duffield explained that making the data model available more widely will support market modernisation by “breaking down the barriers” that London market firms face.