Insurance Product Architecture
Lower Implementation Costs: Re-use functions, templates and tools
Insurance product architecture maps the relationship of insurance product specifications required to represent a portfolio of insurance products effectively and efficiently. We're talking about both commonalities and differences, how insurance coverages, riders, rates and rules, plus data structure, reference tables and rating logic all integrate with one another for a marketable insurance product.
With good insurance product architecture you can:
- Create new or make changes to existing insurance products faster and more efficiently
- Re-use coverages - so you do not have to start from scratch
- Create packaged insurance products faster to meet changing market demands
- Implement state filing requirements more quickly
- Increase speed to market because you can develop new insurance products faster through the re-use of coverages and lines of business
Why it's so important to have good insurance product architecture
An architecturally strong insurance product repository:
- Maximizes re-usability and the ability to perform impact analysis across the insurance product portfolio
- Allows a more accurate assessment of insurance product performance (given the relative input through relationship across the portfolio).
- Helps to identify product opportunities - either revolutionary or evolutionary - and, because of a more transparent view of the portfolio, allows a more precise assessment of that opportunity
- Means that opportunities can be tested/proven with minimal risk and investment - the 'new' insurance product is an assembly of existing parts with only the combination or net deviation required.
What happens when you don't have strong insurance product architecture?
- Operating without a sound insurance product architecture results in an inefficient product development model.
- It is difficult to recognize cross-product/market trends without a complete view of the product relationships.
- Creating and adjusting insurance products occurs in isolation and often results in redundancy as product concepts are not transferred across the portfolio.
How does our solution facilitate better insurance product architecture?
- CAMILION's ProductAuthority®, an innovative product development and management solution, allows the most complete insurance product model to be created. All insurance product data and rules are created and maintained in a central product repository for easy re-use across common product chassis.
- The relationships between the products are thoroughly defined by maintaining not only the relationship between object definitions of a product, but also the usage information through inheritance, providing the product development or management group with the most complete viewpoint for analysis.
- ProductAuthority places the insurance product specification in the hands of the decision-maker, not the coder.
- ProductAuthority operationalizes the insurance product development output directly, without the need for translation and/or redundant re-coding into enterprise systems.
