Product Development and Management for Property & Casualty Insurance
The ability to launch new or modified products quickly and manage products efficiently over their entire lifecycle gives insurers a decisive advantage over their competition. Imagine being able to make a simple rate change in days or even hours or enter a new market within just a few months.
ProductAuthority®, a "innovative" product development and management solution designed specifically for Property & Casualty (P&C) insurers, enables enterprise product agility by externalizing all product data and rules from multiple, hard-coded legacy systems into a central product repository where products can be quickly and easily configured and modified. These complete, re-usable product definitions encompass all critical product information including rates, underwriting rules, calculations and data for managing forms. Enterprise systems can then consume this product data using external Web services calls or direct integration into existing systems.
With ProductAuthority, insurers can develop new products, or modify existing products, faster and more cost-effectively. Capitalizing on a Service-Oriented Architecture (SOA), ProductAuthority enables insurers to create innovative products quickly and develop multiple products concurrently - all while making IT more efficient by involving business users in the process.
Streamline the entire P&C insurance product development process
ProductAuthority® Lifecycle Manager provides visibility into product development from ideation through deployment by enabling insurers to manage all tasks and participants involved in the process. Lifecycle Manager streamlines and automates key tasks including capturing all of the data required for new or changed product requests, notifications, signoffs and approvals, actuarial tasks, forms drafting and review, file package preparation and state filing. By automating workflows and allowing effective collaboration, ProductAuthority Lifecycle Manager eliminates bottlenecks to reduce product development costs and improve product quality and speed to market.
A centralized product catalog houses "one version of the truth" for all products, while product compare capabilities enable insurers to easily identify key features for re-use or modification across multiple products. Lifecycle Manager also provides the ability to thoroughly test products before they are integrated into core P&C systems including policy administration, new business, billing and claims.
Leverage technology assets and scale for future growth
ProductAuthority is designed to integrate new product development capabilities while taking advantage of the core P&C systems already in place. Built with leading technologies such as J2EE, SOAP and XML, ProductAuthority integrates easily with existing and new applications using Web services or direct integration. ProductAuthority brings quality and consistency to the product development process by allowing multiple applications to use the same product definitions. ProductAuthority supports industry standards like ACORD and is designed to scale with the growth of your business.
Key Features and Benefits
- Increase speed to market with automated, consistent product development processes
- Rapidly develop new products or modify existing products through inheritance and reuse of product components
- Reduce the risk of core system renovation or replacement by safeguarding all product information in a central repository
- Eliminate bottlenecks and balance workloads to minimize product development delays
- Dramatically reduce IT maintenance and product development costs
- Improve product quality by thoroughly testing products before integration with policy admin, new business, billing and claims
- Lessen IT dependency and gain business-level visibility and control over product development
Solution Overview
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ProductAuthority encompasses and links product configuration with product lifecycle management. It also operationalizes product information for use in core insurance systems. Finally, ProductAuthority enables reporting and analysis of product performance metrics, providing business intelligence and insights to drive the next cycle of product innovation.
