Expand Your Capacity to Launch New Products
As life & annuity product features continue to evolve, every insurer strives to improve its offerings ahead of the competition. But mergers and acquisitions in the life & annuity market have left insurers with numerous back office systems, each restricted to an originating company or a specific product line.For insurers trying to consolidate these disparate systems across the enterprise, product configuration technology plays a significant role: it improves and accelerates the capacity to create relevant products for customers in less time.
ProductAuthority® for Life & Annuity, Camilion's enterprise product development solution, is designed specifically for the insurance industry; it includes pre-built templates and the common calculations used in creating life & annuity insurance products.
Accelerate Product Development
ProductAuthority combines the core capabilities of business rules engines and calculation engines. In the context of any given product, it can define business rules, perform calculations, and accommodate rule/calculation interdependencies.Individual and combined product calculations can be tested, and comparisons can be made between multiple products in a central repository. ProductAuthority can also re-use rules, calculations, and product structures across multiple product types, which helps to decrease product development timelines.
Separate Product From Process
The enterprise product configurator built into ProductAuthority takes advantage of an open Service-Oriented Architecture (SOA), which enables insurers to externalize business rules and all product data by separating them from multiple, hard-coded operational systems and storing them in a central repository.Business users, as a result, can build and modify their own products without involving IT, which enables IT resources to focus on more strategic initiatives and decreases IT maintenance costs for product development.
Build on Existing Systems
ProductAuthority can integrate new product development capabilities with existing systems - it's built with leading technologies, such as J2EE, SOAP, and XML, and it adheres to ACORD's industry standards.The ProductAuthority web services layer integrates with most new and legacy systems such as policy administration, underwriting, new business, and policy production. Close integration eliminates manual processing and ensures that rules are applied consistently.
Integrate ProductAuthority to Lead the Competition
- Increase revenue-by responding to market conditions quicker, offering products that are more competitive, and making revisions to existing products faster.
- Expand product development capacity-by freeing up IT to focus on higher value tasks.
- Streamline processes-by applying consistent and repeatable product development practices across the enterprise.
- Decrease maintenance costs-by automating the way technology is applied and products are developed.
- Minimize overall risk-by applying business rules consistently and reducing data entry errors across disparate systems.
Learn More About ProductAuthority for Life & Annuity:
Download our profile from the Celent Policy Administration Systems 2007:
