What is the Knowledge Accelerator for Insurance

IBM Knowledge Accelerator for Insurance

The IBM Knowledge Accelerator for Insurance provides an extensive end-to-end 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 IBM Knowledge Accelerator for Insurance.

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 Core Business Vocabulary that addresses all of the main subject areas of interest across the company:

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

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

In addition the IBM 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
Fraud Analytics
Product Management
Risk Management

For more general non-reporting coverage, the IBM 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
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 specific standard or regulation in the various areas of Industry Alignment Vocabularies listed above, such as Cyber Exposure Data Alignment Scope, Personal Information Taxonomy Alignment Scope.

In addition to the above business scopes and alignment scopes which include terms and structure, there are a number of alignment scopes have been included where the key business terms only from the Business Core Vocabulary have been identified and include:

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

Regulations and standards are a critical part of any insurance business and so the IBM 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
Cyber Exposure Data Schema
FATCA
GDPR
Multi-line Insurance Exposure Management
Open Data Standards
Personal Information Taxonomy
Risk Data Open Standard
Solvency II
The Weather Company
Vehicle Accident Data Lake Sample Data Set

While separate vocabularies, they are also tightly mapped to the Business Core Vocabulary of insurance terminology provided in the IBM Knowledge Accelerator for Insurance. In addition to the above 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:

ACORD
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.

Business Core Vocabulary Categories in the IBM KAIN
Accounting Activity Agreement Agreement Change Agreement Component Assessment and Score Cash Flow Claim	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

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