Insurance Product Configuration for Life & Annuity and Property & Casualty Insurance
In such a competitive industry, it is crucial that product configuration software be adaptable and efficient enough to configure new products quickly and effectively. ProductAuthority® by Camilion is a comprehensive product lifecycle management (PLM) software solution for life & annuity and property & casualty insurance companies. Its user friendly interface allows product managers and trained business users to design, develop and configure new products from the re-usable product components stored in the central product repository and test them extensively prior to launch. Reporting capabilities allow insurers to assess their products' performance within the market. Product lifecycle management is an essential capability for all life & annuity and property & casualty insurers.
With ProductAuthority®, insurers can configure new products, or modify existing products, faster and more cost-effectively.
Product Configuration for Insurance
The ability to configure 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 weeks or configure and launch a new product in months.
ProductAuthority®, an "innovative" product development and management solution designed specifically for Property & Casualty (P&C) and Life & Annuity (L&A) 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 configure 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 insurance product development process including product configuration
ProductAuthority® Lifecycle Manager provides visibility into product development from ideation to configuration through to 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, product configuration, 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.
Key Benefits of Insurance Product Configuration:
- Increase speed to market with automated, consistent product development processes
- Rapidly configure new products or modify existing products through inheritance and re-use 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, product configuration and coding 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
