Software for Insurance and Financial Services

By: Camilion Solutions  09-12-2011
Keywords: Product Development , Insurers, Product Development Process

Its modern, role-based UI can be customized and makes it easy to navigate policy administration transactions and enter data quickly. With out-of-the-box reporting, Authority Suite enables business users to track key performance indicators and create management reports.

Authority Suite® offers the following benefits:

  • Lowers system maintenance, underwriting, and product development costs.
  • Lets insurers respond quickly to changing market conditions with relevant, profitable products.
  • Automates consistent and efficient underwriting processes to decrease underwriting cycle times.
  • Increases revenue by enabling underwriters to focus on writing more profitable business.
  • Enables insurers to develop and launch new products concurrently and eliminate product development bottlenecks.
  • Improves producer loyalty by making it easier for them to do business with insurers.

ProductAuthority externalizes product definitions from multiple, hard-coded operational systems into a central repository where product components can be easily inherited to modify existing or develop new products-in weeks not months. Product definitions include reusable information such as eligibility, packaging, underwriting rules, rates, calculations, and forms management.

Unlike business rules or rating engines, ProductAuthority is a "true" product configurator that capitalizes on the combined strengths of rules, rating and calculation engines, making it possible to apply these capabilities to actual products; interdependencies between product ratings and product rules are easily managed. ProductAuthority offers the following benefits:

  • Increases revenue potential by enabling product agility to respond quickly to market conditions.
  • Accelerates speed to market through an automated, streamlined, and repeatable product development process.
  • Ensures product quality by enabling products to be tested thoroughly prior to launch.
  • Eliminates bottlenecks and efficiently balances workloads to minimize delays within the product development process.
  • Enables trained business users to make simple product changes in days, not months, by inheriting or reusing product components.
  • Dramatically reduces technology maintenance and product development costs and lessens dependency on IT resources.

Keywords: Enables Insurers, Insurers, Policy Administration, Product Development , Product Development Process,

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Insurance Consulting, Implementation, Customer Service and Support

Modern policy administration solutions fit the bill; but, in order to ensure their overall success, providers and insurers need to work together to find implementation methodologies that are as flexible and configurable as the technology itself.