Data model core concepts

The key data concepts of the IBM Insurance Information Warehouse can be used to describe the needs of insurance organizations. Below describes the business concepts and how they might apply to examples for Property & Casualty and Life Insurance organizations.

Concept	Description	Property and Casualty - Motor Insurance Example	Life Insurance - Accidental Death Benefit Example
Party	Party represents all participants in the Organization’s environment that are of interest to the Organization including their context for example Insurer/Manufacturer and their customers.	Driver	Life insured designates Beneficiary
Registration	Registration represents the formal recording by an authorized body of the granting of rights, privileges, favors, or statuses or classifications.	With a specified Driver Licence Number	As his spouse, identified by Marriage Certificate
Standard Text & Communication	Defines templates that can be used for mass-generating documents, also allows for tracking of sending/ receiving communications between two parties (for example mobile app status notification).	Sent Text Message to renew	Sent Renewal Notice
Contact & Preference	Represents different types of addresses and means by which parties are contacted and their communication preferences.	Based on contact preference Mobile	Based on contact preference By Post
Specification, Product & Agreement	Defines how products, policies or agreements are constructed into their component parts (for example Leasing agreement, warranty, maintenance services, Maintenance Warning Service).	Relating to Third Party Fire and Theft	Relating to Accidental Death Benefit
Physical Object	The definition of physical objects such as cars, houses, human bodies, and their manufacture item parts/components for example sensor, brakes, tires.	For the insured Vehicle	For the insured Human body element
Place	A place where something can be found, a physical address or a bounded business area.	Located / Driving mostly in Dublin	With tax residency US
Event	Events of interest to an insurance including life events, loss events, natural catastrophic events, weather events, vehicle recorder event.	With on board device to detect Vehicle Recorder Event	Recently got married Personal Event
Activity	Activities of parties that are of interest to party to the agreement that is insurers or manufacturers, for example underwriter may be interested in insured’s hobbies or driving behavior.	To capture Driving Activity	Indicated a Smoking Habit
Assessment & Condition	Represent the results of an evaluation based on a subjective or scientific approach. Condition is the state of a place, a physical object, or an activity occurrence.	Scoring driving Driver Activity Score	Pre-existing Medical Condition
Actuarial Statistics and Index	Statistics may be internal or externally managed includes sets of parameters. Indexes are usually externally sourced.	Checking in inside Specified Parameters	But with average Life expectancy / Morbidity
Goal & Need	Financial objectives or requirements of parties or market segments for example financial planning covering retirement funding.	Customer needs asset protection For their vehicle	Customer needs to provide Financial support for dependents
Financial Transaction	Accounts receivable, accounts payable, payments in/out and the relationships between different transactions, closely linked to account for example driver paying manufacturer or dealer for maintenance.	For which a premium is paid Premium Received	For which a premium is paid Premium Received
Money Provision	Monetary amounts outside context of billing and accounting that are likely to become payable to or by the insurer. Money Provision defines when, how much money can be payable, by whom and to whom.	Providing cover Within agreed Limits/ Deductibles	Providing Accidental Death Benefit Within agreed Limits/ Deductibles
Claim	Claim structure in model represents requests for insurance benefits and shows how these requests for benefits are related to different aspects of the insurance business.	But would need to Report a Claim	On death, the beneficiary Report a Claim
Account & Fund	Accounts, monetary accounts, liabilities, reserves, revenue, financial assets, asset holdings, funds related to accounting, etc.	Provision for possible claims reflected in Reserves / Accounts	Provision for possible claims reflected in Reserves/Accounts
Legal Action	Process of having a court of law (or any recognized arbitration body) render judgment on a dispute between two parties or groups of parties. This includes criminal and civil cases.	Insurer/insured/Claim could engage in Legal dispute	Insurer/insured or beneficiaries could engage in Legal Dispute