Insurance — Insurance Model Governance Framework

Overview

The Insurance Model Governance Framework DAG is designed to implement structured governance processes for insurance models, focusing on documentation and decision traceability. The primary data sources include model outputs and internal audit reports, which are ingested to assess compliance with industry regulations. The ingestion pipeline initiates with the collection of these data sources, followed by a series of processing steps that involve quality checks and validation against regulatory st

The Insurance Model Governance Framework DAG is designed to implement structured governance processes for insurance models, focusing on documentation and decision traceability. The primary data sources include model outputs and internal audit reports, which are ingested to assess compliance with industry regulations. The ingestion pipeline initiates with the collection of these data sources, followed by a series of processing steps that involve quality checks and validation against regulatory standards. Quality control measures are integrated to ensure that the models adhere to compliance requirements, with mechanisms in place to initiate corrective actions in case of failures. The outputs of this DAG include comprehensive governance reports, compliance documentation, and audit trails that provide transparency and accountability. Monitoring key performance indicators (KPIs) such as compliance rates, audit findings, and corrective action response times are essential for evaluating the effectiveness of the governance framework. By implementing this DAG, insurance organizations can enhance their operational efficiency, mitigate risks associated with non-compliance, and foster trust with stakeholders through transparent governance practices.

Part of the Literature Review solution for the Insurance industry.

Use cases

• Ensures regulatory compliance and reduces legal risks
• Enhances transparency and accountability in model governance
• Improves operational efficiency through automated processes
• Builds stakeholder trust with documented governance practices
• Facilitates timely corrective actions to mitigate risks