IBM Insurance Business Functions Vocabulary and Product Model for Insurance Process and Service Models 8.8.0.1 (OPTIONAL)

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The Business Functions content can be used as a starting point for extending the Process models contained in the Analysis Process Model, as part of a top-down development methodology.

It contains:

• Functions that show the core processing activities of insurance institutions
• A consistent enterprise-wide lexicon for identifying and naming process activities and triggers in a manner that is independent of product, channel, organization structure or technology.

The Product Model provides a representative set of insurance products modelled using this technique across different lines of business. It is a set of specialised techniques for analysing and defining financial services products supported by a graphical notation: Product Specification Diagrams (PSDs). The model has been transformed to RSA UML model with direct link to Business Object Model (BOM) and Analysis Process Model (APM) in RSA, as well as IGC Scopes. The IPS 8.8.0.1 provides samples PSDs in UML diagrams, for;

• Life insurance (term life)
• Property and casualty (auto)
• Health (family health indemnity plan),
• Commercial insurance (a construction pollution liability insurance product)
• Group insurance (a health product and a pensions product).

Modelling products in a consistent and effective way is an essential part of modelling the insurance business. The Product Model presents an important accelerating factor in product modelling efforts as the delivered products can be used as templates and customised. This also makes learning the techniques much easier given the multitude of new situations which have been modelled.

The Insurance Business Functions supplemental vocabulary and Product Scopes are available for adding on to the Insurance Business Vocabulary that is shipped as part of IPS 8.8.0.

The download package contains:

• Two XML files that can be imported and overlaid onto the Insurance Business Vocabulary 8.8.0 resulting in the addition of new Business Function categories and terms and Product Scopes.
• A Rational Software Architect Project which has the same model content as IPS 8.8.0, with the addition of mappings between the Analysis Process Model and the Business Function terms in IGC, and the new Product Model.
• A readme file with details of how to install the RSA Project and the IGC Vocabulary
• A comprehensive User Guide with a detailed overview of the Business Functions
• A comprehensive User Guide with a detailed overview of the Product Model