Insurance Frameworks

IAA-based framework minimizes time-to-ROI

The Pegasystems Insurance Industry Framework™ provides a foundation of best practices for building SmartBPM® solutions for the insurance industry. The framework provides insurers with a data model, template workflows, and insurance-specific services to help them quickly realize return on investment. It leverages the IBM Insurance Application Architecture (IAA) to define baseline insurance business objects. It includes standard workflow templates for common insurance processes for L&A and P&C insurance. It provides a working model for deploying services that consume and respond to ACORD XML messages. And it includes services for managing insurance-product configurations that make it easy to re-use product components across the enterprise.

Benefits  

• Faster time to benefit — Reduce the time and cost to build SmartBPM applications with built-out workflow templates, object models, and services necessary for solutions across the insurance enterprise.
• Use of industry best practices — Maximizes reusability of assets across the insurance enterprise with best-practice class structures and product-configuration services, enabling you to change once, change everywhere, and to use assets across the enterprise.
• Buy and build — Obtain the best of both worlds by using the pre-built foundational elements of the Insurance Industry Framework to build your own tailored applications.

Key Features

• Workflow templates — High-level work templates that serve as best-practice starting points to build out SmartBPM applications and services for new business, change of policy in force, and property claims.
• Insurance object model — The Insurance Industry Framework leverages and extends the Business Object Model from the IBM Insurance Application Architecture to provide a comprehensive baseline object model for faster time to benefit and maximum reusability of common objects across the insurance value chain and across lines of business. Beyond property definitions and presentation components, Pegasystems provides product models for personal and commercial auto, commercial business owner’s policy, and term life insurance.
• Product configuration — The Insurance Industry Framework is integrated with Pegasystems’ Product Configuration Framework™ for managing product specifications. This service enables insurers to easily organize and access the rules associated with products and product components such as eligibility, rating, underwriting, and validation rules.
• Messaging services — A working model for deploying services that consume and respond to ACORD XML messages. The framework includes a sample service for ACORD XML auto-quick quote that serves as a template for parsing other forms.