The insurance industry provides a good example of contingency contracts – if a given event happens, contracts outlining specific actions are activated upon a reasonable evaluation of surety. Insurance is a perfect domain for using knowledge graphs, as it involves an evolving landscape of interrelated objects and a robust governance model. Such use cases include the following:
Mapping Documentation With Concepts
Insurance involves many contracts tied to other contracts, reports, evaluations, plans, and so forth. Traditional content management systems typically do not handle such interconnected content well. Knowledge Graphs, on the other hand, can provide a conceptual overview while simultaneously making it easier to add new types of documents and data.
Generating Relevant Forms Easily
One of the more subtle yet powerful features of Knowledge Graphs is the ability to automate the production of forms (and their updates) based upon data models and already captured information. This dramatically reduces the amount of information people need to enter at any given time, makes adding new properties without UI/UX redesign easier, and reduces the potential for introducing erroneous data.
Better Process Tracking
Insurance is not a thing – it’s a process. Ensuring that parts of that process occur when they should, when authorized, and with constrained oversight. Knowledge graphs are key to providing the provenance of data and documents with equal ease, ensuring that all issues are resolved with the minimum amount of hassle.
Detecting Fraud, Waste, and Abuse
Every year, billions of dollars are lost to fraudulent claims, corruption, improper expenditures and manipulation of crucial metadata. Knowledge graphs can search for the patterns that indicate such fraud and provide warnings when behavior falls outside of anticipated parameters.
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