What is the Knowledge Accelerator for Insurance | IBM Cloud Pak for Data as a Service

Knowledge Accelerator for Insurance

Last updated: Jun 21, 2024

What is the Knowledge Accelerator for Insurance

The Knowledge Accelerator for Insurance provides an extensive vocabulary of insurance-specific business terms that can be used by different insurance professionals as well as by the supporting IT staff such as engineers and data stewards.

Watch this video for a walk-through of Knowledge Accelerator for Insurance.

Video disclaimer: This video provides a visual method to learn the concepts and tasks in this documentation. Some minor steps and graphical elements in this video may differ from your Cloud Pak for Data deployment.

To meet the management and information challenges the insurance industry face today and in the future, insurance organizations need to transform their information architecture, platforms and information user community into solutions and teams that can operate in agile and self service mode. This requires new approaches to information and how they are governed using industry domain catalogs which contain comprehensive representation of the business language that cover all aspects of the organization in the insurance domain.

For an insurance organization that means having a Business Core Vocabulary that addresses all of the main subject areas of interest across the company:

from those relating to the:
- Agreement
- Cash flow
- Claim
- Financial Transactions
- Party and Roles
- Specification and Product
to all type of risks that are the subject of insurance, for example:
- buildings
- vehicles

Knowledge Accelerator for Insurance includes sample Reference Data that, when customized as required, can be used as a basis for the creation of additional Data Classes. They cover a wide variety of values including product and coverage examples, accounting data, agreement, regulatory value sets, vehicle and accident values, claims data values and many more.

The Business Core Vocabulary areas covered in the Knowledge Accelerator for Insurance are:

Business Core Vocabulary Categories - Insurance
Accounting Activity Agreement Agreement Change Agreement Component Assessment and Score Cash Flow Claim	Common Communication and Documentation Event Financial Asset Financial Transaction Goal Legal Action Location	Party and Role Physical Object Physical Structure Registration Risk Exposure Specification and Product Statistics Vehicle

In addition the Knowledge Accelerator for Insurance has a broad range of predefined Business Performance Indicators that assist insurers, re-insurers and brokers to determine what parts are required to address key reporting and analysis requirements, for example:

Customer Experience Management
Claims Analysis
Catastrophe Analysis
Product Management Reporting
Risk Management

For more general non-reporting coverage, the Knowledge Accelerator for Insurance also has a comprehensive set of Business Scopes that demonstrate what parts are needed to support such critical general business issues including:

Customer and Policy Management – covering customer management, customer insights, digital insights, and policy life cycle management
Claim Management – all aspects of claims and claims insights
Data Privacy – a taxonomy of terms addressing the personal information of individuals and mappings of core business terms to the GDPR and CCPA regulations.
Risk Management And Reporting - terms including financial reporting, investment management, enterprise risk management, solvency and catastrophe modeling.
Product Management – predefined business scopes for wide range of product lines from Life Insurance, Group Insurance to Automobile Insurance, Home Owners, Business Interruption and so on.
Sales and Distribution Management – terms covering areas such as sales, campaigns , channel management including all type of channels from agents to direct channels such as websites, and all types of communications needed.

Within the Business Scopes, an additional set of Alignment Scopes has been provided, which group together sets of Business Core Vocabulary and Business Performance Indicator terms of relevance to a particular Industry Alignment Vocabulary topic. These may also be used as a project scoping mechanism for a specific standard or regulation in the various areas of Industry Alignment Vocabularies, such as Cyber Exposure Data Alignment Scope.

The Knowledge Accelerator for Insurance also include Business Scopes available for separate import and represent subsets of the overall Knowledge Accelerator content. For a description and a list of the main concepts see Insurance Business Scopes available for separate import.

Regulations and standards are a critical part of any insurance business and so the Knowledge Accelerator for Insurance includes a range of Industry Alignment Vocabularies where the key terms or reporting elements and the structure of the regulation or standard are directly represented and include:

Catastrophe Model Open Standard Specification
CCPA
FATCA
GDPR
Open Data Standards
Personal Information Taxonomy
Risk Data Open Standard
Solvency II
The Weather Company
Vehicle Accident Data Lake Sample

While separate vocabularies, they are also tightly mapped to the Business Core Vocabulary of insurance terminology provided in the Knowledge Accelerator for Insurance. In addition to the alignment vocabularies which include terms and structure, a number of alignment scopes are included where only the key business terms from the Business Core Vocabulary have been identified and include:

IAIS Fraud Guidelines
Pre, During And Post Crash Information - US Code Of Federal Regulations Part 563
XBRL

Combined, this set of integrated components produce the extensive insurance business language needed to underpin a range of key capabilities such as the Data Governance/DataOps, Data Discovery, and Self-service Business Intelligence.

For more information on Knowledge Accelerators visit https://www.ibm.com/cloud/knowledge-accelerators.