Insurance

As the entire (re)insurance industry is in the turbulent times of saturated markets and new regulations, the importance of the availability of the right information at the right time, on the basis of which one can make the right decisions and take appropriate actions, is increasingly highlighted. PI Insurance DWH model solution should help in the fulfilling of these tasks and decision making process. Our model provides the basis for quality analysis of available data by deriving accurate information from data. Poslovna inteligencija Insurance Data Warehouse Data Model (PI Insurance DWH Model) is a standard industry data warehouse model applicable for both life and non-life insurances. Based on data represented in the model, all standard insurance reporting and analysis Data Marts can be delivered.

Data Warehouse Model for Insurance

PI Insurance DWH Model benefits

  • Based on industry best practices
  • Open for all necessary modifications to adjust to individual customer needs
  • Based on a strong Primary Key – Foreign Key relationships that assure consistency in the model itself and in the content of the implemented Data Warehouse System
  • Provides “single version of the truth”
  • Enables consistent and consolidated reports
  • Delivers competitive advantage by enabling the consolidation of clean data across multiple systems
  • Supports rapid implementation of warehousing solutions with meaningful data
  • Facilitates a structured approach to subsequent customization and extension of the data warehouse
  • Well documented, tested and implemented DWH model
  • Enables business users to more effectively control and reduce the time taken to scope their requirements, as well as subsequent customization and any extension of the data warehouse
  • Minimizes development costs
  • Reduces the risk of failure by facilitating an incremental approach to delivering integrated data warehouse solution
  • Provides updates to include ongoing data requirements of industry directives on regular basis
  • Fosters collaboration and approval between business and IT, as necessary, to turn business requirements into actionable solutions
  • Allows possibility to integrate data between bank and insurance company in one common data warehouse model

The data warehouse resulting from our model enables insurances to exploit the potential of detailed information previously locked in legacy systems and inaccessible to the business user. PI Insurance DWH Model is a platform-independent solution that offers the scalability and flexibility needed to address existing and future data consolidation requirements.

Visual representation of Main Subject Area which consists of all PI Insurance DWH Model Entities.

 

In PI Insurance DWH Model semantic data model is actually integrated with logical data model in several ways:

  • Relationships between the various entities are named and they describe type of relationship
  • Naming conventions for entities and attributes are respected throughout the model
  • All attributes have a domain. Domains are not only generic (String, Number, Date), but also context-specific and descriptive of attribute role (Name, Address, ID, Telephone Number)”

PI Insurance DWH Model is customizable per customer specific requests. There are several types of customizations:

  • Customizing of existing Entities including changing attribute properties (name, type, and description), adding new attributes, adding indexes etc.
  • Creating of new Entities if there is a requirement for a new dimension or new aggregation
  • Adding new Subject areas with multiple entities that will cover new business areas
  • Customizing of physical model – defining partitions, block sizes etc.

PI Insurance DWH modeling principles

  • Organizes data around a number of key business subjects
  • Supports stable decision-making process
  • Includes a number of most commonly used pre-defined summarizations
  • possibility to create a number of datamarts based on the currently existing entities

In current version of the model, there are more than 200 Entities (Tables) grouped in 14 Subject areas and divided into 4 functional groups:

PI Insurance DWH Model Product Subject Area

Visually representing Product Subject Area including information about Product hierarchy related entities, Types, Tariff and entities related to general Insurance Risk classification.

ACORD Framework

PI Insurance DWH model is based on ACORD Framework which streamlines standards creation and development, provides a base for model driven development and maintenance of standards and also serves the entire insurance industry.

The ACORD Framework consists of five interrelated models (facets) with different views to define the nature of the insurance industry:

  • Business Glossary contains common insurance definitions
  • Capability Model defines what insurance companies do
  • Information Model organizes and relates insurance concepts
  • Data Model derives concepts from Information Model into format used for database design
  • Component Model provides the building blocks for custom solutions

 

INTELLECTUAL PROPERTY

PI Insurance Data Warehouse Model is an exclusive intellectual property of Poslovna inteligencija. PI grants a nontransferable and nonexclusive right to use the PI Insurance Data Warehouse Model, with delivered customizations and extensions to its Customers who purchased the model.


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