ACORD Reference Architecture - Amazon S3

ACORD Reference ArchitectureCapability Model Universe

Pat Corless, Chief Enterprise ArchitectRana Dhariwal, Reference Architect

What is ACORD Capability Model

How to Use the Capability Model

How ACORD Assets are Integrated

Agenda

Reference Architecture

The Seven Components

• Information Model

• Data Model

• Business Glossary

Data Oriented

• Capability Model

• Process Framework

• Component Model

• Product Framework

Process Oriented

Capability Model

4000 years of historyCode of Hammurabi Athenian Maritime Loans

Medieval Guilds Life Insurance

Cities Burn, Property/Fire

Modern Marketplace, Reinsurance

Lines of Business varieties

Cyber

Body Parts

Hole in One

Alien Abduction

Business Management

C

a

p

a

b

i

l

i

t

i

e

s

Product

Marketing

Sales

Financial Services Agreement

Administration

Claims Administration

Enterprise Services

Finance

Channel Management

Customer Service

Carrier

High Level Capabilities

1

2

3

4

5

6

7

Simulate Loss Projections

INSURANCE

Manage Policy Transfers

Verify Marketing Collateral Compliance

Apply for Insurance

Bind Coverage

Manage Customer Retention

Perform Claims Statistical Reporting

Analyze Reserves

Analyze Reinsurance Requirements

Product Design

Compliance Management

Financial Services Agreement

Issuance

Claims Handling

Reinsurance Management

Regulatory Management

Financial Reserve Management

Producer Support

Customer Interaction

Management

Financial Services Agreement Acquisition

ProductProduct Development

Product Design*Product Implementation

Details

Level0 Level 1 Level 2 Level 3

Reference ArchitectureThe Seven Components – Capability Model

Information Model

DataModel

Business Glossary

Component Model

Capability Model

Process Framework Product

Framework

USERS/

ECOSYSTEM

ENTERPRISE/

SAAS

CLOU

D

CUSTOMER EXPERIENCE

BUSINESS MICROSERVICES (CBM)

INTELLIGENT INSURANCE

WORKFLOWS

DATA SOURCES & APIs

COGNITIVE SOLUTIONS

HYBRID

CLOUD

SUPPORTING APPLICATIONS

CORE APPLICATIONS

INSURERS UTILITY WORK

DATA LAKE

DATA AND AI

ENTERPRISE

USER

DIRECTORY

EDGE

GATEWAY

API

MANAGEMENT

OBJECT

STORAGE

EDGE

SERVICES

TRANSFORMATION

& CONNECTIVITY

ISVsUNDERWRITINGCLAIMSPOLICY

ADMINISTRATION

CUSTOMER

RELATIONSHIP

MARKETING FINANCE

$ACCOUNTING

CLAIMS

MICROSERVICESPOLICY

MICROSERVICES

UI

MICROSERVICES

COMMUNICATIONS ASSISTANT DISCOVERY

SERVICES

MARKETING FINANCE

$DATA

VIRTUALIZATION

KNOWLEDGE

CATALOG

WATSON

STUDIO

CUSTOMER

DATA

CLAIMS

DATA

MEDICAL

DATA

CUSTOMER

APPLICATION

USERS

CLAIMS

ADJUSTOR

VENDORS/

PARTNERS

VISUAL

INSPECTOR

HOME

CAR

MACHINE

LEARNING

FRAUD

DETECTION

REAL-TIME

INSIGHTS

EVENT

STREAMS

MULTI CLOUD

MANAGEMENT

CLAIMS

NOTIFICATION

3

WATSON

OPENSCALE

GRC

UI

FLOW

CUSTOMER

ACQUISITION

BUSINESS

RULES

VMWAREOPENSHIFT

SECURITY

INFORMATION

& EVENT

MANAGEMENT

ENCRYPTION AUTHENTICATION INSURANCE

SECURITY &

COMPLIANCE

FRAMEWORK

+

ARTIFICIAL INTELLIGENCE

ECOSYSTEM PARTNERS

BLOCKCHAIN

NETWORK

CREDIT

DMVMEDICAL

RECORDS

PEER

CLOUD

CLAIMS

PAST

CLAIMS

Application

Users

Data orien ted se rvi ce

LEGEND

Dis cove ry se rvi ces

Ana lytics

Security

Se rvi ce mana gement

Mana gement

Bloc kchain

How Do I use the Capability Model?

• Capability Model as a Checklist

Helps organization understand its capability versus the insurance industry.

Lets you compare processes and systems and organization

Lets you see redundancy and Gaps in application portfolio

Lets you align resources with operational functions

Lets you define Business Architecture blueprint of your business.

Capability Model Uses

• Marketing Execution• Lead Management

• Sales Planning• Prospect Acquisition

Financial Services Agreement Lifecycle Management• FSA Issuance

Prospects

Leads

Customer

Marketing Sales

Policy Administration


Are you going thru…

Merging or

Acquiring Systems

Are you…

A Startup

Do you know all the functions required to align Business and Technology?

• Marketing Execution• Lead Management

• Sales Execution• Provide Quote

Financial Services Agreement Issuance

Financial Services Agreement Acquisition

Financial Services Agreement Change Management

Prospects

Leads

Customer

Marketing

Sales

Policy Administration

SubmissionProspectingAppetite RulesRisk Qualification

QuotationRisk AssessmentRatingProposal

Accept Coverage Bind Agreement

Issue Policy

Endorsements


How Do I use the Capability Model?• Organizational Alignment

Comprehensive Checklist that can be used as organizational principle for mapping departments and functions.

Enables stakeholders to understand how things fit into the operation.

• Aligning Applications with CapabilitiesArchitecture mapping that enables the alignment of the business needs

with the Systems (IT) solutions.


Organizational Tool


CEO

FinanceClaimsUnderwritingStrategy

Define Claims Strategy KPIs Define Marketing Strategy for Loss Control Services

Define Sales Strategy

Administer Invoicing

Manage CollectionsInvestigate Claim

Settle Claim

Apply for Insurance

FinanceMarketingClaims Sales

Provide Quote

Investigate Claim

Settle Claim Administer Invoicing

Manage CollectionsDefine Marketing Strategy for Loss Control Services

Apply for Insurance

Provide Quote

Define Claims Strategy KPIs

Define Sales Strategy

Marketing

Perform Pricing

Analysis

Manage Event

Marketing

Perform Sales

Research

Provide Quote

Conduct Product Market Analysis

Define Product Profile

Product

Sales

Application Mapping

Capability Model UsesMarketing Strategy

BI Tool (Mktg. Domain)

Marketing Planning

ADOBE Planning

Sales Strategy

Web Analytics

Sales Execution

Sales Pro

Product Strategy

BI Tool (PD)

Product Development

Product Pro (NPD) Tableau

Google Analytics & Spring Metrics

Tableau

ACORDInside Standards

& Architecture

Life & Annuity Inforce TransactionsACORD’s Categories of Assets

Data in MotionData at Rest

ACORD AssetsACORD’s Categories of Assets


& Architecture

Life & Annuity Inforce TransactionsACORD’s Categories of Assets

ACORD Messaging Standards (Data in Motion)

• These all describe insurance data being moved and transformed between or within insurance entities

• EDI (P&C AL3, L&A)

• XML (P&C, L&A, GRLC, Asia/Pacific)

• Burgeoning Next Gen Digital Standards, MicroServices/API (cross domain)

ACORD Reference Architecture (Data at Rest)

• Hypothetical insurance carrier as a snapshot

• What does its data look like (Information Model and Data Model)?

• What do its processes look like (Capability Model, Process Model, Component Model)?

• How would you describe what it sells (Product Framework)?

• What terms are used (Business Glossary)?

ACORD Forms (Data on “Paper”)

• These are 850+ standardized arrangements of data used for communicating particular business transactions

• Originally paper

• Now PDF, fillable PDF, and eForms too

ACORD AssetsACORD’s Categories of Assets


& Architecture

Life & Annuity Inforce TransactionsReference Architecture to Standards Framework

Capability Model

Capability + Process

Process Framework

Capability + Process + Activity

Data ModelEntity + Attribute

Information Model

Class + Property

Product Framework Ingredients of Products

Business Glossary

Terms + Acronyms

ComponentModel

Capability + Information

Reference ArchitectureProcess Facets

Reference Architecture Data Facets

Messaging Standards

1. P&C, L&A, GRLC, AML2. EDI, XML, Digital

Standards

Stores information

FormsOver 800 forms

ACORD Data Standards

Serves capability

Reference Architecture to Standards Framework

Messaging Standards provide a Business Capability and is aligned to our Data Facets as a common basis for the insurance industry.


& Architecture

Life & Annuity Inforce TransactionsUser StoryUser Story


& Architecture

Agent,Owner,Etc.

Portal or platform

Carrier

Policy Administration System

Life & Annuity Inforce TransactionsUser Story

Inquiry

Infrastructure

Financial Services Agreement AdministrationFinancial Services Agreement Lifecycle ManagementFinancial Services Agreement Inquiry

CRM System

Life & Annuity Inforce Transactions

Agent,Owner,Etc.

Carrier

Policy Administration Inquiry115

As an Agent, I need to search for policy status and beneficiaries for a particular insured and their associated policies to handle calls related to policy changes

As a carrier, I need the ability to pull a list of policies linked to a broker/dealer. As a carrier's back office associate, I need the ability to pull policy information linked to a specific insured .

Insurance Contract• Policies• Coverage• Payments

CRM• Insured• Beneficiary• Agents

The process of providing information about the status of an financial services agreement.

The process of providing information about the status of activities related to handling a financial services agreement.

Policy Administration Inquiry

Financial Services Agreement Inquiry


& Architecture

Agent,Owner,Etc.

Pers Auto Policy Full Image Notify

Carrier

Policy Administration System

Life & Annuity Inforce TransactionsUser Story

Inquiry Results

Property and Casualty TransactionsPolicy Administration Inquiry

As an Agent, I need to search for policy status and coveragefor a particular insured and their associated policies to handle calls related to policy changes

As a carrier, I need the ability to pull a list of policies linked to a broker/dealer. As a carrier's back office associate, I need the ability to pull policy information linked to a specific insured .


NGDS TransactionsPolicy Administration Inquiry

Agent,Owner,Etc.

Query Results

Publishing Network

Retrieve Policy Cash Values

Retrieve Auto Policy

Retrieve Policy Insured(s)

Retrieve Policy Maturity Date

Retrieve Auto Extension Eligibility

Retrieve Certificate Holders Request

Verification of Insurance Coverage


Principles/Universe of Capability Model• Product Strategy• Channel Strategy• Marketing Strategy• Sales Strategy• Policy Administration Strategy• Claims Strategy

• Marketing Execution• Channel Execution• Sales Execution• Policy Administration • Claims Lifecycle Management

• Product Planning• Marketing Planning• Channel Planning• Sales Planning• Claims Planning

• Product Portfolio Management• Marketing Effectiveness

Management• Producer Management• Sales Effectiveness Management

Effectiveness

Execution Planning

Strategy

Consistently Review, Adjust and Modify

Thank YouStandards Mailbox:

[email protected] or [email protected]

JIRA Service Desk:https://jira.acord.org:8443/servicedesk/customer/portal/1

New YorkOne Blue Hill Plaza2nd FloorPearl River, NY 10965USA+1 845 620 1700

London8th Floor1 Minster CourtMincing LaneLondon EC3R 7AAUnited Kingdom +44 (0)20 7617 6400

mailto:[email protected]

mailto:[email protected]

https://jira.acord.org:8443/servicedesk/customer/portal/1

ACORD Reference Architecture - Amazon S3

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