Creating reusable information: The combined technology of the Noldor

“One thing we’re trying to do here … is not serve every stakeholder for no reason, but make sure we can go to each of those stakeholders – internally and on the platform – and provide meaningful service to real customers,” Horneff. he explained.

Noldor, based in New York, was founded in late 2021 and has slowly grown to more than 12 employees and counting.

As a data integration company, Noldor’s main platform connects with MGAs, regulators, Lloyd’s holders and more. The company does this, Mr. Horneff said, to be able to find “damaged, unmodified or fictitious” data that can be entered, modified and made into “authentic and powerful.” This allows for easy data sharing between stakeholders in a given jurisdiction including carriers, insurance brokers, Lloyd’s institutions or vendors who may need data to provide their services to MGAs and payees.

This technology is designed to integrate with any organization that has provided leadership writing regardless of their current level of technology. It allows Noldor’s platform to leverage artificial intelligence and machine learning to collect data, uncover hidden drivers of lost shares and streamline back-office tasks such as reporting.

In July, Noldor announced that it had raised $10 million in funding led by the DESCOvery team at DE Shaw, an international investment and technology development firm in New York City, with other investors participating. The founders of Noldor founded the company in the DESCOvery venture studio.

Elephants are reusable

Horneff turns to metaphors to explain modern corporate strategy.

“Perhaps you are familiar with the parable of the blind Indians who caught the elephant.” One holds a tusk. One holds the tail, and they all mess up different things. The problem I saw firsthand… “Carriers care a lot about their cat’s profile. Reinsurance brokers care a lot about reinsurance, and everyone has their own need for how that data is used.”

The Noldor’s job, he said, is to “stay on top of the chaos” and create information that can be used later to fill more cases. Its integration with MGA is to provide bordereaau reporting [a report prepared by an insurer for a reinsurer listing assets covered or actual claims paid]and can be used to help generate reinsurance brokerage referrals.

“This requires us to get information and make sure that, every day, we’re reconciling and verifying the content,” Horneff said. “[We’re] making sure that we cover things that can break and try to do everything we can to ensure that the data communication process can continue in the future, without interruption. “

Put another way, the Noldor support data exchange with MGAs.

“These MGAs are sending six products to different people,” he said. “What we’ve allowed them to do is send it to one person and give all six to other people … it’s a single point of contact so we can act as a repository of information for MGAs.”

Essential ingredients

The technology of data extraction, character recognition (OCR) and web crawling (a computer program that automatically searches the web for some unwanted words) helps to improve the platform of the Noldor.

“We just go to the highest level,” Horneff said. “We can leverage the capabilities of AI and machine learning to teach ourselves how we pull in data and begin to develop some of the human processes needed to validate that data.”

In addition, Horneff explained, Nordor can help bring in revenue through internal tools that allow it to capture data without relying on an engineer to write the content.

“We want to create internal technology that allows this to be done by a business professional,” Horneff said. “I can reduce the cost of doing it [data] mapping while gaining the skills of someone who has spent 20 years in the business and knows how to command but doesn’t know how to write how that data should be translated.”