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policy administration system

ProductAuthority® Modules for P&C Insurance

ProductAuthority, an innovative product development and management solution that supports commercial, personal and specialty lines of business, provides a complete set of tools that let product managers, actuaries, product architects and business analysts build their own insurance product rules, reducing their dependency on over committed IT resources. With ProductAuthority, P&C insurers can develop products concurrently to enhance revenue; automate manual processes to reduce costs and create audit-ability; and get quality products to market up to 30% faster.

ProductAuthority includes the following modules:
Insurance Product Configurator
Central Product Repository
Rating Engine
Business Rules Engine
Pre-Populated Complete ISO Product Definitions
Insurance Product Management Workstation
Product Services (Integration)

Insurance Product Configurator

The insurance product configurator provides business friendly modeling tools that allow trained business users to participate in the insurance product development process. The tools provide business users with the ability to quickly and accurately define accurate, complete and re-usable product definitions including market eligibility, packaging, underwriting rules, forms management, pricing, and calculations. Business users can quickly assemble insurance products from the library of re-usable product components and through inheritance from a common product chassis.

These marketable products inherit the product structure, content and attributes from the pre-built product template on which they were based. Any changes to the product template are automatically made available to all of the marketable products that were inherited from them. Reducing the time required to individually make changes to each product while reducing the risk of errors resulting from incorrectly applying changes or from accidentally missing one of the impacted products.

The product configurator significantly simplifies insurance product development, improves the quality of products, creates more capacity without having to add resources, and allows technical IT resources to be assigned to more value add responsibilities.
Central Product Repository

ProductAuthority's centralized insurance product repository provides a single, consolidated source of the "truth" for all insurance product content. Complete and comprehensive insurance product definitions are stored as re-usable building blocks in the centralized product repository making it faster and easier to retrieve this information versus having to collect it from multiple systems, hard drives and paper files.

A centralized repository also helps to ensure that you are always referring to the correct version of product content reducing the risk of re-work, errors, channel dissatisfaction and compliance fines.

The central product repository also includes a library of pre-built insurance product templates that helps support the rapid development and rollout of products by providing best practice starting points for new insurance products.

Rating Engine

ProductAuthority provides a powerful and flexible, system agnostic, standalone rating engine that can be integrated to any SOA-enabled core system.

Trained business users (both inside and outside of the IT department) use the product configurator to develop and test rating rules (including rate capping and minimum premium), rating algorithms and rate / factor tables.

Algorithms and tables configured for rating can be used by multiple core systems without the need to manage data in multiple systems significantly reducing the time and costs associated with system development and maintenance.

Business Rules Engine

Business friendly rules configuration that allows the configuration of any business rule including those used for forms attachment, stat coding, underwriting (including knockout and referral rules), and other product rules. The product configurator includes a rich rule language to support the creation of the simplest product rule to the most complex rule including the ability to graphically define the most complex actuarial functions.

The business rules engine is system agnostic and can be integrated to any SOA enabled system.

Pre-Populated Complete ISO Product Definitions

Camilion is the first ISO Electronic Rating Content™ Associate as well as the first vendor to implement ISO Electronic Rating Content. ProductAuthority automatically integrates ISO Electronic Rating Content for commercial and personal lines with any P&C policy administration system or product dependent system enabling insurers to gain greater flexibility and to get new products to market faster.

Even insurers with heavily deviated ISO products can gain the flexibility they desire to get new products to market faster and easier by leveraging the mature and industry leading inheritance and re-use capabilities within ProductAuthority along with the combination of configuration, rating, automated workflows and pre-populated complete ISO product definitions, interpreted by ISO.

Reduce costs by eliminating manual error-prone processes and errors resulting from misinterpretation of the circulars.

Insurance Product Management Workstation

ProductAuthority Lifecycle Manager provides a comprehensive set of business specific processes and tools to co-ordinate activities across all departments involved in the insurance product development lifecycle.

Lifecycle Manager provides insurers with the ability to track and manage all of the tasks and participants in the collaborative product development process to reduce product development costs, eliminate bottlenecks to improve speed to market, deliver quality products, and increase revenue by enabling concurrent development and modification of products.

Lifecycle Manager includes automated, collaborative, configurable workflows; access to the central product repository; product compare capabilities that enable you to easily identify key features for re-use or modification across multiple products; and the ability to test products before they are integrated into downstream systems such as policy administration, billing, claims and print.

Product Services (Integration)

Product information configured in the product configurator and managed in the central product repository can be generated as product services and integrated with legacy systems. Configuring insurance products in a single location and publishing as a single Web Service ensures that all legacy applications that require product data will all be accessing the same information.

The ProductAuthority web services layer integrates with virtually all new and legacy systems such as new business, online raters, data warehouses, CRM, MDM, underwriting and policy administration. Close integration eliminates manual processing and ensures that rules are applied consistently. Product quality improves because product definitions are supplied to external systems automatically by leveraging SOA.