Overview

Insurance Product Factory is an end-to-end solution that helps you in growing and managing your digital portfolio. Create new insurance products, modify, or retire insurance products. 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.

In conjunction with other FintechOS capabilities, you can replicate your product data into the Insurance Product Factory solution. 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.

Insurance Product Factory 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.

The Insurance Product Factory is about creating insurance products, as well as managing the product portfolio. See details about these functionalities in the Creating New Insurance Product and Managing The Product Factory pages.

IMPORTANT!  
The Insurance Product Factory version 4.5.0 is supported by the Innovation Studio version 22.1 and newer.

Insurance Product Factory can be integrated with other insurance solutions or FintechOSautomation 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.

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;

  • 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. 

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.