Overview

Insurance Product Factory is an end-to-end solution for growing and managing your insurance products portfolio. You can create new products, modify some of the conditions for your products, or retire products. As the portfolio evolves, the solution enables you to keep your product portfolio disciplined, accessible, and comprehensible, while solidly handling the life cycle for all your different products, in an efficient manner.

Creating Products

With this FintechOS solution for insurance, you can evolve a diversified collection of re-usable insurance components (such as types, risks, or product items) that you can further utilize as building blocks for the assemblage of highly personalized insurance products. A product item can be configured to represent a specific insurance coverage, with its own accounting, calculation, and charging structure. No coding skills required! You also author and manage insurance products from a single comprehensive digital solution and this greatly reduces the scope for misinterpretation of the product design specifications errors - as it is still often experienced in insurance companies that use a “product coding from spec by IT” approach.

With the Insurance Product Factory, you can create insurance products by configuring insurance types, product items, risks, premiums, fees, conditions; and also by specifying the coverage, grace period, conditions for suspension, for generating invoices, limit the availability of your products and more. This solution integrates smoothly with FintechOS Business Formulas to help you reduce completion time for premium amount calculations, insurance risk rules and underwriting rules configurations or for testing different product offers. Once activated, embed your product into digital journeys to expose it to your potential customers - through different digital touchpoints, channels, or portals.

The solution also allows you, in conjunction with other FintechOS capabilities, to replicate your existing insurance products managed through legacy systems, into the Insurance Product Factory repository - that can be drawn upon when launching new products, or versioning existing ones. You are free to use your product knowledge to decide the degree of similarity between the old and the new products and you have tools in place to test your creations.

Managing Products

The Insurance Product Factory makes it easier for you to streamline the development of insurance products, as well as their deployment and maintenance. This direct coupling along the product lifecycle makes place for better performance, also when it comes to portfolio management.

The products that you develop might transition between different business statuses - like Draft, Approved, Closed, or they might be updated to a new version, they might be the subject of special offers, or they might be part of recurring offers (but with limited availability), and so on. For all these cases and more, you use Insurance Product Factory to be on track with accurately recording and housing the said changes, control product behavior and, also, to efficiently organize the updated information.

Integrations

This solution is part of the Northstar and can be integrated with other components or solutions from FintechOS, allowing you to reap the resulting digital synergy. Few examples include:

  • leveraging the capabilities of the Business Decisions Processor and Business Formulas, to implement complex decision modeling for insurance risk rules and premium calculations and apply them to different collections of insurance products.

  • using the Digital Journeys functionality to expose your products to your potential customers.

  • using the Digital Documents Processors to automatically generate personalized documents – including customized contracts and agreements, based on customer's input and the business document templates existing at the product level.

  • using the Proposal Configurator on top of the Insurance Product Factory solution, in order to deliver a Quote Configurator customer experience - namely, allowing the eligible customers to review different insurance products, offers, or modules and configure their own insurance quote.

  • using different insurance accelerators on top of the Insurance Product Factory solution, in order to speed up the delivery of specific insurance products.

More than that, for complex delivery projects, it is worth mentioning that the Insurance Product Factory can be also used in conjunction with different automation processors, that help insurers build their operations around the needs of their customers - such as Omnichannel Campaigns, or Hyper-Personalization Automation, and others. For more details, consult the Automation Blocks documentation.

IMPORTANT!  
The Insurance Product Factory version 4.3.0 is supported by the Innovation Studio version 21.2. and newer.

FintechOS clients use the Insurance Product Factory module to respond to different challenges related to:

  • time-consuming routines;

  • routines more prone to human error when done manually;

  • the sheer volume of changes to be recorded and accounted for;

  • little time to create insurance products and launch them;

  • pressure to adapt constantly to fluctuating markets.

Insurance companies use Insurance Product Factory to reduce the completion time required to create, configure, activate, change, and manage insurance product portfolios.

The Insurance Product Factory module enables insurers to achieve efficiency, gain flexibility and organize their insurance products data for analysis and operational purposes easily. The solution has the following key features:

  • Specific product configurations regarding availability periods for products, policy adjustments, policy transitions automated workflows or statement generation settings.

  • Adjustable collections of insurance product items, additional clauses, modules and risks covered by the insurance products.

  • Integration with Formula Engine for premium amount calculations, insurance risk rules and underwriting rules configurations.

  • Product-related documents management.

  • Full versioning functionality.

  • Varying levels of access concerning users' involvement with a specific product, or product view.

The benefits of using Insurance Product Factory are the following:

  • Digital: automates routines, improves accuracy, manages complexity and transaction volumes, in real-time.
  • Flexible: manages one-time and low usage product launching scenarios and also the frequently recurring ones and it can scale from the simplest of product portfolio management models to the most complex ones.
  • Safe: FintechOS role-based security architecture allows users, once authenticated, to interact only with the selected product, flow steps or interfaces associated with their role. 
  • Personalized: the solution is highly customizable - you can use Innovation Studio to further tailor Insurance Product Factory to respond to your particular requirements.

This solution is aimed at everyday use by different types of insurance professionals:

  • Product and portfolio development managers and executives.

  • Other types of experts that might have a say in the product development - such as marketers and underwriters.

  • Product and portfolio development analysts and consultants.

  • Digital marketing agencies, with a strong footprint in the insurance field, seeking to build draft product offers, or MVPs, for their clients (insurance companies) - potentially as part of a larger deal that involves the market research phase, the product testing and the marketing of the respective product.

  • IT companies or digital assets management agencies seeking to service a particular niche in the insurance field - such as small and medium sized insurance companies with strong local presence (and with legacy portfolios containing, for example, life policies underwritten years ago), currently looking to outsource the IT and administration of said policies (in order to improve customer satisfaction, lower costs, and even reduce capital requirements) but lacking the skills to go digital or scale with FintechOS just by themselves.

  • Insurance company owners with an entrepreneurial mindset seeking to translate their monolithic legacy hard-coded insurance products into flexible mix-and-match highly personalized insurance products, ready to be delivered through different digital touchpoints, channels, or portals or just looking to re-engineer and evolve the products they bring to market, and making them ready for new types of distribution.

  • Any consultancy agency with a strong footprint in the insurance field, that is specialized in digital product co-creation, adjustment and enrichment.

HINT  
Integrate Insurance Product Factory with more FintechOS solutions for insurance in order to make the best of process automation for your company, portfolios, products and clients!