Wednesday, August 19, 2015

Introducing the WAND Life Insurance Taxonomy

If you are familiar with our Taxonomy Library Portal, you might have seen our WAND Insurance Taxonomy.  It is a good, broad, overall taxonomy covering the Insurance Industry.  

Yet, partially as a result of the Affordable Care Act and the massive changes to Health Insurance, we decided that it was time to expand portions of the original taxonomy into standalone, area specific, taxonomies.  Along with the new Health Insurance Taxonomy, we will soon release the WAND Property and Casualty Insurance Taxonomy.

If you are currently using the WAND Insurance Taxonomy, don't worry.  It will continue to be a taxonomy that we will provide to our clients.  

The first of the new expanded taxonomies to be released is the WAND Life Insurance Taxonomy.

Life Insurance is a product that can be purchased by an individual or can be offered through an employer.  It is a popular employee benefit often involving several policy options. The new WAND Life Insurance Taxonomy is designed to provide insurance companies the ability to tag and organize the documents that involve Life Insurance, Annuities, and Pensions.  
This taxonomy provides a foundation of 650 terms and 366 synonyms and it can be customized to include terms specific to the insurance policies being offered.

The WAND Life Insurance Taxonomy covers all areas of Life Insurance.  Higher level terms include Fraud, Products, Reporting and Disclosure Requirements, Terms and Provisions, and Underwriting.  It also includes topics such as Binder Agreements, Clauses, Benefits, Riders, and Policy Options. 

It is well suited for any insurance company that provides Life Insurance options to their clients.

Watch for our soon-to-be released WAND Property and Casualty Insurance Taxonomy.  It will complement the WAND Life Insurance Taxonomy, and as with all WAND Taxonomies, it is available by itself or as part of the WAND Taxonomy Library Portal.