Open-source Business Intelligence Software Understanding Insurance Terrain

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Open-source Business Intelligence Software Understanding Insurance Terrain – Many insurance companies have grown organically by adding new products, expanding local and international geographies to attract different demographics and expand distribution networks. Innovative new products require the implementation of new core insurance operating systems (e.g., underwriting, policy management, claims) as life changes and annual product variables are introduced. International expansion often requires solutions from local vendors due to the need to work across different insurance business ecosystems (e.g. car divisions, local auto repair shops, hospitals, laboratories) – vendor solutions. Data Exchange Interface. Additionally, local vendor solutions are developed with country-specific regulations in mind, which can be a major hurdle when implementing solutions designed for different geographies.

In addition, many companies have grown by either acquiring books of business from other insurers or by acquiring the company altogether.

The purpose of simplified management at the time of purchase is to supplement the company’s customer base and achieve efficiencies by eliminating duplication of systems and processes through integration of business operations (eg, customer contact center requirements) and systems.

In practice, we see some progress in unit integration, but very slow progress in system integration. Depending on the level of complexity of insurance product features, the warranty of the insurance contract, and the age of the support system, the effort involved in discovering business rules and migration efforts to various core insurance platforms is often not economically justified.

As a result, software portfolios of major insurance companies range from 1,000 to more than 5,000 systems, an overall understanding of the IT environment and the development of a roadmap to achieve the expected target scenario. Incredible effort. !

Open-source Business Intelligence Software Understanding Insurance Terrain

Open-source Business Intelligence Software Understanding Insurance Terrain

A systematic exercise, reducing IT costs, investing in growing the business without thinking well, and a well-defined architecture is similar to adding a room to an old house every few years. Without an architectural layout that can show an overview. What will the house look like each time a room is built and what will be the traffic pattern in the house. This is similar to the flow of data from one system to another that we see in some companies.

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Enterprise architecture (EA) creates a roadmap that helps the company achieve its best goals in line with its business vision and priorities. Jaap Schekerman, founder of the Institute of Enterprise Architecture Development (IFEAD), justifies the need for enterprise architecture: “A well-defined framework is needed to capture the overall vision of an organization in all its dimensions and complexities.” To achieve this, enterprise architecture is constrained by a framework that allows integration of the various components of the enterprise. Enterprise architecture is important because it allows a “view” of the enterprise as part of an organization.

The enterprise architecture framework ensures that over-units get maximum value from IT systems while keeping their costs low.

It is a method of formalizing the way an organization works based on a combination of strategic management, business process management and information technology.

. This technique is used to design a modular business structure that allows for a defined business strategy in a specific business environment.

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Business competency models such as the IBM Insurance Business Model (CBM) are part of the IBM Insurance Reference Architecture.

Business architecture separates tactical decisions from strategic decisions. A detailed design of process design and information technology, developed from business architecture, ensures alignment with business strategy.

As part of the effort to create a business architecture, the design principles require the capabilities needed to implement the organization’s strategy and gain executive agreement.

Open-source Business Intelligence Software Understanding Insurance Terrain

Data Architecture – Integrating data quality, efficiency and effectiveness. Enterprise data architecture has two aspects:

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1.Operational – Capture data needed to support real-time core business operations, reuse data services, and manage central master and reference data.

2.Analytical – Current data that allows business intelligence reporting and data analysis for business decisions, integrates data from multiple sources across the enterprise using corporate data models and presents quality data to users in a timely manner.

Accessibility and access to accurate data and actions – that is, creating business value, enabling decisions that impact the business, and running a strong business – are critical.

Application Architecture – Describes the logical structure of applications that support and align business operations. Runs on top of application infrastructure and relies on a data architecture for persistent business data access. Integrated Application Architecture

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The technology architecture describes the processing time environment of the components and other components of the application architecture. It also provides IT services that support software architectures. Together, the business and IT teams confirm the expected service level of the infrastructure. Many financial security and insurance regulations and frameworks (such as NAIC, NYDFS, CCPA, and NIST) need to be addressed at the application, architectural, technical, compliance monitoring, and reporting levels.

Most major insurers have begun efforts to migrate a significant portion of their software portfolio to the cloud. Many choose multiple cloud providers (eg AWS, Azure, IBM, Google) as their target environment even before analyzing their portfolio in detail:

A) Determine whether the design and technology used by each application will enable migration to the cloud at a reasonable cost (legacy core new business, policy administration and claims systems are monolithic in design, have very complex logic and are often designed to run on the mainframe),

Open-source Business Intelligence Software Understanding Insurance Terrain

B) Determine which cloud will provide the best transaction value / operating environment as transaction volume increases and code modifications are made frequently due to changes in regulations, new product introductions, and other factors.

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Because of managers’ desire to simplify the technology environment and “eliminate the spaghetti” of duplicate systems, multiple database management systems, analytics, and other software from multiple vendors, IT executives struggle to determine what the target environment should be. As a result, decisions are made that seem best for the business organization, but many decisions do not align with the overall vision of what the operating model, goals, and IT support should look like.

The technology landscape has undergone drastic changes over the last 10+ years, including the evolution of automation tools, the increasing use of AI capabilities, and the acceptance of hybrid cloud as a target environment. Significant increases in bandwidth availability at low cost allow office workers to “work from home” affordably with security built into the network and layers of computer architecture. And the effects of covid-19 requiring remote work. It has caused most organizations to change their operating model. It gives us the opportunity to rethink business processes, use technology to streamline automation for most insurance transactions, and use AI and analytics to help decision-making with insurers, regulators, and medical professional requirements for critical operations. is complicated.

After doing an evaluation of the reference architecture for insurance that had been built by IBM a few years earlier, I, together with a couple of the most distinguished engineers at IBM, came to the decision that it required a considerable makeover. This was the conclusion that we reached.

We came to the same conclusion after analyzing the architecture that was generated by a number of our insurance clients: there is a huge demand in the market for contemporary insurance reference designs that are designed with new methods of working in mind. This desire is present in the market. Employs the most cutting-edge technology available today.

I have seen that there are many attempts being made to combine the “update” and “load” procedures, and this is something that I have encountered with our insurance customers. However, a number of them shift to environments that are provided by one or more large cloud vendors without first developing a sense of what the target environment needs to be known as. It is becoming increasingly common for workloads to be transferred to cloud environments that are provided by hybrid organizations.

This presents a big risk because there is a possibility that the modern technological environment of “spaghetti” has been brought back to life in the premises!

1. We review and discuss the most common issues that our insurance clients tell us about, with a particular emphasis on customer experience and the ability to respond to customer and supplier requests in real-time. We have selected some use cases related to the most used resources (business and IT).

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2. We decided that the technology we specify in the architectural solution should be “tried and real,” so technologies like quantum that are in the early stages of commercialization are considered, but not included in the solution. We incorporate cognitive skills used in business processes with experience working with clients to implement these skills for production use.

3. Security considerations are “baked” into every layer of the architecture, taking into account the insurance company’s financial services and regulations.

Do we have a case set with insurance and process maps to conduct business case workshops?

Open-source Business Intelligence Software Understanding Insurance Terrain

What are common data sources (including external sources)

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