The Emerging Semantic Web: Ideas for Insurers

by Craig Beattie, August 3, 2010
Industry Trends
Global, Asia-Pacific, EMEA, Latin America, North America

Abstract

The Web is evolving at an extraordinary rate, and each evolution has brought new possibilities to insurers. The semantic web is no different. The semantic web and surrounding technologies offer insurers not only a new tool to cut costs but also the opportunity to bring real additional value to their customers.

As insurers face increasingly complex integration issues and seek to leverage both internal and external data, the semantic web will come to play a crucial role. In a new report, The Emerging Semantic Web: Ideas for Insurers, Celent provides an overview of the semantic web and offers insights into areas where insurers will find value in the technology. The report introduces the technologies surrounding "linked data" and applies them to real insurance problems.

"The semantic web is not just an academic vision. Through linked data, it is real, is implemented, and has practical applications for insurers," says Craig Beattie, Analyst with Celent’s Insurance Group and author of the report.

This report aims to provide an overview of the semantic web and its use by businesses, and reviews current trends and routes to adoption. The report offers some guidance in how these technologies can be adopted by insurers and vendors alike. It also looks at the opportunities and inhibitors to adoption surrounding use of the semantic web both for customers and insurers. 

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Introduction

4

 

The Needs of Web Users

7

 

What Is the Semantic Web?

9

 

Why Not Screen-Scrape or Use SOA?

10

 

The Old Approach to Data

11

 

A Semantic Approach to Data

12

 

Expressing Meaning and Semantics

13

 

Discovering and Searching for Meaning

14

 

The Anatomy of Linked Data

15

 

Possible Uses of Semantic Web Principles for Insurers

17

 

A Semantic Intranet

17

 

Using Ontologies

18

 

Getting to the Truth

20

 

Increasing Value to Customers Through Meaningful Data

21

 

Example 1: Searching for an Agent

22

 

Example 2: Searching for a Vehicle

23

 

Example 3: Drive the Safest Route

24

 

Example 4: Go on Holiday to the Safest Destinations

25

Adoption Issues

26

 

Inhibitors to Adoption

27

 

A Pattern for Controlling Access

28

Next Steps

29

Leveraging Celent’s Expertise

32

 

Support for Financial Institutions

32

 

Support for Vendors

32

Related Celent Research

33

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