Overview

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

With Insurance Product Factory, you author and manage products from a single comprehensive digital solution. This greatly reduces the scope for the misinterpretation of the product specifications - a challenge still often experienced by insurance companies that use a “coding from specs" product design approach.

In conjunction with other FintechOS capabilities, you can replicate your product data into the Insurance Product Factory solution. This is yet another layer of digital infrastructure dedicated to all insurers struggling to migrate existing monolithic insurance products, managed through legacy systems, into more agile digital environments. Once you finished the bulk importing of product data, you are free to use your product knowledge to decide the degree of similarity between the old and the new products, to maybe create hybrid products, and also you have tools in place to test your creations.

Every insurer needs to calculate, calculate and recalculate how the variables related to the insured object influence say the cost of each peril (or a group of perils) and use the resulting knowledge when designing their products. This is where the Insurance Product Factory comes into play: the solution helps you with shortening the time from formula to product design, since it provides access to your formulas and a testing functionality without leaving the context of your product.

Creating Products

The Insurance Product Factory helps you to evolve a diversified digital collection of re-usable insurance components - such as types, perils, or product coverages, that you further utilize as building blocks for the assemblage of highly personalized insurance products. A product coverage can be configured to have its own charging and underwriting structure, and a product can include multiple coverages, with different configurations. No coding skills required!

With the solution, you can create an unlimited number of insurance products by configuring insurance types, product coverages, perils, premiums, fees, conditions; and also by specifying the coverage, conditions for generating invoices, limit the availability of your products and more.

This solution uses FintechOS Business Formulas to help you reduce completion time for premium amount calculations, insurance peril scoring and underwriting evaluations, or for testing different product prices. For example, you can configure the system to calculate the premium at coverage level - this is especially useful in products that combine multiple Lines Of Business (LOB), or buckets of portfolios within the same LOB but with different peril profiles. For more details, consult also the Insurance Business Formulas page.

Once built, your products can be edited, versioned, cloned, multiplied. When activated, a product becomes digital journey-ready, that is you can embed it into different digital journeys and expose it to your potential customers, through different digital touchpoints, channels, or portals.

HINT  
Start your product creation journey from the Creating Insurance Products page.

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.

Maintaining the products while they are active (exposed through quotation flows) and inquired into by multiple API calls, is yet another superlative of the solution.

Integrations

Insurance Product Factory can be integrated with other insurance solutions or FintechOS automation blocks, allowing you to reap the resulting digital synergy. Few examples include:

  • leveraging the capabilities of Business Formulas to implement complex decision modeling for insurance peril rules and premium calculations, and apply them to different collections of insurance products, or product coverages. For more details, see also the Insurance Business Formulas page, in this guide.

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

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

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

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 and have in-depth control over the product reach - such as Omnichannel Campaigns, or Hyper-Personalization Automation, and others.

IMPORTANT!  
The Insurance Product Factory version 4.4.0 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 coverages, optional coverages, modules and perils covered by the insurance products.

  • Reduces completion time for premium amount calculations and underwriting scoring by integration with Formula Engine.

  • 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, leverages product data usage, 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 in order to make the best of process automation for your company, portfolios, products and customers!