IAB is the first open source project in the insurance community.
The insurance industry has some unusual characteristics; a large number of relatively complex products whose structures are recorded in some meta-data format, and a small number of simple processes that are used to project and administer the product in the marketplace. The meta-data approach to product definition stems from a desire to bring rigour, structure and consistency to rating calculations.
This meta-data approach to product definition means that the core set of insurance processes are great candidates for the use of meta programming techniques. Put as simply as possible IAB takes an insurance product definition (in any format) and uses it to generate the code that administers all aspect of that product for the insurer. The benefit of this approach is that when a new product is introduced no additional process code needs to be written to support a new product. [read more...]
IAB uses Ruby as it's meta-programming vehicle and the Ruby on Rails convention over configuration framework for the web application aspect of IAB.
IAB Introduction
IAB Example Running Application
Why IAB Benefits the Insurance Industry
IT systems have alway been a large and high risk item on insurers expense line, it typically costing £10M's and taking years to implement a policy administration system. IAB promotes collaboration on the commodity aspects of insurance administration; basic product definitions and basic business processes. Taking IAB's open source processes frees insurers to focus valuable IT resources on those in-house developments that provide real competitive advantage. [read more about how IAB helps meet the challenges facing general insurance...] and the functionality it has in its sights.
The Methodology that Drives IAB
As described above IAB makes significant use of meta programming techniques, the implication of course is that you need meta data to drive the meta programmes. Or, in English, you need product definitions in a form that IAB can read in order to generate user interfaces, business processes and data storage repositories. Most insurers simply do not have their products defined in this way; they define products in Word and Excel and then their IT departments 'hand-crank' all of the IT infrastructure to support the product.
To address this the IAB project also defined a methodology for creating product definitions and managing the release of those products to customers and brokers alike.[Find out more.]
The IAB Open Source Project
Our primary sponsor is Kube Partners. We welcome the involvement and contribution of insurers, technology and consulting companies, and of course individuals [read more about the IAB project and how to join...]
We try and get out and talk about the project as much as possible and this where you can catch up with IAB this summer/autumn.