Product Development and Management for Life & Annuity
In today's economy, customers are looking to Life & Annuity (L&A) insurers for competitively priced, innovative products. To deliver the right products to the right customers, L&A companies must become more customer-centric and more agile in their product development, while at the same time focusing on operational efficiency and cost reduction.
With ProductAuthority®, L&A insurers can develop new products or modify existing products faster and more cost-effectively. Capitalizing on a Service-Oriented Architecture (SOA), ProductAuthority is a "innovative" product development and management solution designed specifically for L&A insurers. ProductAuthority enables L&A insurers to create innovative, high quality products quickly and develop multiple products concurrently - all while making IT more efficient by involving business users in the process.
ProductAuthority enables insurance companies to become more product-agile by improving both the business and systems aspects of the product development process. By externalizing product data and rules from multiple, hard-coded legacy systems into a central product repository for inheritance and reuse, ProductAuthority allows products to be quickly and easily configured and modified. The ProductAuthority repository houses complete, re-usable product definitions including all critical product information - eligibility, packaging, underwriting rules, calculations and forms. Enterprise systems can then consume this product data using external Web services calls or direct integration into existing systems.
Streamline the entire L&A 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, filing 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.
Leverage technology assets and scale for future growth
ProductAuthority is designed to integrate new product development capabilities while taking advantage of the core L&A 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 - illustration, commissions, reinsurance and policy administration - to use the same product definitions. ProductAuthority supports industry standards including ACORD PPfA and PPfL 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.
