Chris Newman, Global Managing Director of ACORD, said: “This donation provides extensions that are useful for existing ACORD reference architectures, especially for brokers and MGAs. Global by mapping the data model to ACORD’s Global Reinsurance & Large Commercial (GRLC) messaging standard. The community provides a comprehensive solution. “
The ACORD Reference Architecture provides the insurance industry with an enterprise architecture framework. It includes business processes, product models, development frameworks, information models, data models, and functional models that help organizations develop, modify, and maintain applications in various insurance industries.
Morning Data Concepts Data model assets support data warehousing and application building. This model is designed to support multiple parties in the chain, global placements, and multiple currencies in multiple departments. According to Morning Data, this model is used to process nearly one million insurance policies covering all types of insurance classes.
“The value of a good data model is proof that it works,” said Kirstin Duffield, CEO of Morning Data. “We do not only risk and billing, but also master agreements, schedule data, partner management, compliance, documentation, technical accounting, bureau integration, and cash management.
“The data model supports all end-to-end solutions suitable for domestic, international and global enterprises. By donating this data model to the industry through ACORD, we break down the barriers facing enterprises and collective markets. I am confident that we can support the modernization of the market. “