Agile Insurance Analytics and the Object Management Group Standard Business Glossary and Data Model(s)
In early 2010, the industry recognized the need to become much more agile and standard in the development and use of the data and metadata it uses in integrating the data and systems being used as well as in the development of new systems. In this vein, a group of insurance carriers, vendors and insurance associations came together under the auspices of the Object Management Group (OMG) creating the OMG P&C Data Model Working Group.
This initial work group was comprised of over 50 insurance organizations. The initial goal of this work group was to develop a set of P&C Information standard reference models needed to support new business, policy administration, and claims. The effort led to the following deliverables:
A Glossary of P&C Business Terms and accompanying metadata
A Conceptual Data Model representing P&C business concepts
An attributed Logistical (ER) Data Model
An associated Physical Data Model
These models and accompanying glossary were presented to and certified by the OMG Architectural group.
A number of members of this Work Group contributed a number of data artifacts to this effort including:
IBM donated the IAA data glossary;
Microsoft donated its Capability Model;
Oracle donated its claim model
A number of carriers provided models that they had developed.
It is noted that all deliverables developed by this work group are “open” and free to “all”.
Members of AIA were and continue to be the core members of the OMG P&C Model Work Group.
Bill Jenkins as the industry and work group lead
Sue Garza as the lead data modeler and data architect
Charlie Schaefer as the industry subject matter lead
Mike Gallo as the senior business data analyst
Michael Baraz as Business Glossary and Data Senior Consultant
A number of carriers and vendors have embraced the use of these deliverables in their development of their own data models and business glossaries. AIA has assisted many of these organizations in these efforts, saving much time and money for them.