Morning Data supplies software and service solutions to the global insurance market specialising in Managing General Agents (MGAs), Managing General Underwriters (MGUs) and Brokers, supporting over 30 entities placing business in the London Market. NOVUS, the firm’s integrated end-to-end insurance administration platform, is now available with an integration channel to Placing Platform Limited (PPL) – the e-placement platform provided by the market for the market through the LM TOM. The integration utilises the ACORD messaging services of either TIW or Ebix, giving Morning Data’s clients the choice of messaging system provider.
Supporting the London Market
Kirstin Duffield, Managing Director, Morning Data explains: “Our NOVUS product is a central part of the support that we offer to the London Market intermediary. Enabling its integration with PPL is a natural evolution of this product, as it moves towards a paperless data-driven future. Integration avoids double keying of data as, once entered at the source, be that a self-service portal or within the MGA or Broker, that data becomes the single version of truth and is reused invisibly in the background. This opens our clients’ eyes to the potential cost savings associated with straight-through processing.”
Morning Data advises that it has made the functionality available to all of its existing clients and will include this functionality for all its London registered new clients. Morning Data expects all of its existing clients with more than 10% of placement in the London Market to take advantage of the integration in early 2019. “It is a natural part of our support model to view integration in a collaborative and proactive manner to provide clients with maximum flexibility and choice, and this is in line with our ethos of supporting the market modernisation initiatives wherever we can,” comments Kirstin.
Future of the market
“We wanted to do this for our customers as market modernisation is a major part of our focus for the London Market, and also for companies further up the chain whose business ends up in London. We recognise that whilst some larger firms have dedicated resources to focus on integration, many of our smaller clients haven’t, so making it easy for them is part of the benefit they get from our products. It also enables them to be at the forefront of a change that invests in the future of our market.”
Kirstin concludes: “The recent focus from the LM TOM on working with technology vendors in a way that seeks their input and allows access to essential information and support in real-time is both refreshing and transformational for the market. Further work to move towards using modern APIs to exchange data will show more tangible cost savings when doing business in London.”
Jeff Ward, LM TOM’s Vendor Engagement Lead, adds: “Morning Data has, along with other vendors, delivered the level of integration that’s currently available with PPL and it’s great to know that people like Kirstin and her team will be part of the conversation for the forthcoming phases of integration with both PPL and the other LM TOM solutions.”