Modern Architecture for Insurance

For any industry sector be it Insurance, banking, retail or manufacturing, Enterprise Architecture gives the exact picture of the Organizations’ IT system.  A modern architecture for general insurance can be described based on the following technologies,

1. Component based architecture
2. Service oriented architecture
3. Application architecture

From a business perspective these technologies offer various advantages over the legacy general insurance system that is currently implemented in many of the organizations

COMPONENT BASED ARCHITECTURE

With the growing complexity of the software size and data, the traditional approach has become inefficient in terms of productivity and costs. In order to meet the requirements of the modern large-scale software, new developments have been brought into place. One such technology is the Component based Architecture. Components are software objects, meant to interact with other components that encapsulate certain functionality or sets of functionalities.

The goal of the component-based system is to increase

  • Productivity
  • Quality
  • Time to market

SERVICE ORIENTED ARCHITECTURE (SOA)

SOA is an approach of Enterprise architecture where major pieces of software is exposed as a ‘service’. It adds a layer of abstraction on the existing IT environment. Basically you will have an existing layer underneath your SOA architecture layer. ‘Software as a service’ is making a major impact in the field of enterprise solutions. These are loosely coupled systems which offer a competitive advantage with greater flexibility.

  • It helps in modifying the business in accordance with the changing market interest
  • It lowers the implementation costs by increasing the reusability (i.e.) sharing the services across multiple applications

APPLICATION ARCHITECTURE (AA)

This illustrates how specific applications are designed and the way in which they interact with each other. AA provides a framework for the development of application solution to the insurance industry. The applications need to be powerful to support both the current and future systems. It helps in managing multiple applications to work together and eliminate integration problems and functional gaps.

For more information on our technologies and practices we offer, call us or email to nsure@kggroup.com

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