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Knowledge Accelerator for Insurance
Last updated: Jul 08, 2025
The Knowledge Accelerator for Insurance provides an extensive 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 Knowledge Accelerator for Insurance.
Video disclaimer: This video provides a visual method to learn the concepts and tasks in this documentation. Some minor steps and graphical elements in this video may differ from your Cloud Pak for Data deployment.
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
Business Core Vocabulary that addresses all of the main subject areas of
interest across the company:
- from those relating to the:
- Agreement
- Cash flow
- Claim
- Financial Transactions
- Party and Roles
- Specification and Product
- buildings
- vehicles
Knowledge Accelerator for Insurance includes sample Reference Data that, when customized as required, can be used as a basis for the creation of additional Data Classes. They cover a wide variety of values including product and coverage examples, accounting data, agreement, regulatory value sets, vehicle and accident values, claims data values and many more.
The Business Core Vocabulary areas covered in the Knowledge Accelerator for Insurance are:
| Business Core Vocabulary Categories - Insurance | ||
|---|---|---|
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In addition the 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
- Catastrophe Analysis
- Product Management Reporting
- Risk Management
- 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
- Data Privacy – a taxonomy of terms addressing the personal information of individuals and mappings of core business terms to the GDPR and CCPA regulations.
- 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.
The Knowledge Accelerator for Insurance also include Business Scopes available for separate import and represent subsets of the overall Knowledge Accelerator content. For a description and a list of the main concepts see Insurance Business Scopes available for separate import.
While
separate vocabularies, they are also tightly mapped to the Business Core Vocabulary of insurance
terminology provided in the Knowledge Accelerator for Insurance. In addition to the
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:
- 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.
For more information on Knowledge Accelerators visit https://www.ibm.com/cloud/knowledge-accelerators.
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