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.”
