Last updated: Jun 21, 2024
The Knowledge Accelerator for Insurance has the following Business Scopes available for separate download and import.
Each Business Scope consists of:
- A set of business terms with:
- Concept terms that describe the main concepts for each business scope
- Property terms that describe the attributes or characteristics of the Concept terms
- Relationship terms that describe how one concept is connected to another Concept
- An associated set of secondary subcategories that classify these terms
- A set of Reference Data sets and their values
- Sample policies and governance rules in the area of data privacy
- Data Privacy
- A business scope that groups terms for data privacy that includes a taxonomy of terms addressing the personal information of individuals and mappings of core business terms to the GDPR and CCPA regulations.
- Claim Management
- A Business Scope that groups terms that are related to claim management and the administration and processing of claims for insurance. This includes terms related to the administration and processing of claims. The terms describe the data collected during the claims process including the notification of the claim, the details of the accident or loss event, the estimation of losses, the claim settlement itself and any follow-on activity such as recovery from reinsurance, including salvage. The scope incorporates key activities carried out during the claim handling process including evaluation, the engagement of claims settlement services, to denial or approval for payment and the impact on the reserves. The main concepts covered in this business scope include:
- Vehicle Accident
- A Business Scope that groups terms that describe characteristics of a vehicle accident for insurance companies. It includes detail behind vehicle accidents such as the vehicles involved, circumstances of the accident, the nature of the damage and other parties involved, the nature of injuries sustained, information on what assessment or other investigations have taken place and some aspects of the vehicle information. The main concepts covered in this business scope include:
- Vehicle Information
- A Business Scope that groups terms that describe the characteristics of vehicle. This includes information relating to cars, ships and other modes of transport and carriage. It includes both descriptive characteristics of the vehicles which help determine the level of risk associated with operating vehicles and the data that is being generated by a driven vehicle that might be used to monitor the state of the vehicle and driving behavior. The main concepts that are covered in this business scope include:
- Contact Information
- A Business Scope that groups terms for contact information of interest to insurance companies. This includes terms relating to addresses and contact points in the context of any type of communication. The terms describe all contact points made in communications involved in the selling and operation of insurance activities with customers, within the organization, external supplier and third parties. It includes addresses both electronic and postal and it also contains information of the communication preference (timing/ communication medium). The main concepts covered in this business scope include:
- Customer 360
- A Business Scope that groups terms for profiling customers of insurance companies. These terms describe all aspects of insurance customers (existing and prospects) from determining and identifying who they are, their current customer activity, profiling them in relation to other customers or as a demographic and understanding their risk profile. These terms look to understand the interaction points these customers are having with the company across lines of business and using the information collected to determine life events and priorities where further insurance services might be offered. It is about using a holistic view of customer and their value to provide an omni channel experience to customers across all channels where the predetermined customer needs are being met and exceeded. The main concepts covered in this business scope include:
- Party
- A Business Scope that groups terms that are party related for insurance companies. It includes parties within insurance or reinsurance policies, employees or actors within business processes, suppliers and parties involved in claims and legal actions. The main concepts covered in this business scope include:
- Policy Management
- A Business Scope that groups terms that are related to policy management for insurance companies. The scope includes the basic structure of an insurance policy and the characteristics needed to underwrite, issue and administer an insurance quotation and policy. The requesting and processing of changes to insurance policy terms are also covered. The main concepts covered in this business scope include:
- A Business Scope that groups terms that are related to premium management for insurance companies. This business scope makes it possible to define how much premium can be payable, by whom and to whom, and how the payments will be scheduled over time when the premium becomes payable. The main concepts covered in this business scope include: