The first component of a house that a contractor builds is the foundation. That foundation is based on a plan—a model, if you will—that is grounded in industry standards, a common language, and proven methods that reflect best practices of countless years of construction expertise.
Likewise, an enterprise data model is the foundation of insurers' development efforts. By providing a definition of data elements, structures, and interrelationships, a data model guides the design of systems, from core policy and claims administration to data warehousing and business analytics. However, insurers have traditionally had to develop data models in the absence of industry standards.
"Every carrier that builds systems goes through the data-modeling process and thinks, 'Someone must have done this before,' and they have," says Martina Conlon, principal in Novarica's insurance practice. "But up until a few years ago, the only real option besides building your own was to purchase a model, such as IBM's IAA, which many larger insurers did."
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