Insurance Products
The Insurance Product Factory enables you to create and manage a great variety of insurance products. Depending on your customers needs, you might want to create very simple products - containing the insurable object and one base (main) coverage. Yet, for another target market, you might want to design a more sophisticated product - containing one insurable object, two main coverages and more optional coverages (riders). Besides that, you might need to develop different products in line with your authorized different Lines of Businesses (LOBs).
The Insurance Products functionality provides access to your insurance business formulas and a testing functionality without leaving the context of your product, thus helping you focus and shortening the time from rating calculations to product launch. Additionally, the solution makes top down, as well as bottom up, rating models applicable when building your products. This translates to the calculations for the premium amount and underwriting rules being available for each product coverage, and also for the whole product. Depending on your model, you can add constraints as underwriting steps, in order to reach only the intended audience.
Once activated, a product is digital journey-ready and you can expose it to potential customers through different digital channels. Cloning your products, helps you replicate successful products to different segments/ geographies, with a click. Versioning products, lets you amend, or enrich, products that are already live.
Since building or maintaining a product is rarely the work of a single individual, the solution helps you with tracking changes, also. It logs any modifications by user roles, including those done automatically by the system - such as transitioning the product to a Closed state, if an availability time limit was set on the product.
Insurance Products View
In Innovation Studio, in the Insurance Products section, you have an overview of all the product records registered in your system - your portfolio of Insurance Products. This is an all-inclusive view; yet, you can also use the Search by option (in the list header) in order to find a certain record. For example, for easier processing, if you want to view all the products in Draft status, you can use the Search by Label option, and sort all your products accordingly.
Below, you can see an example of a list view for products and a product search example:
Follow these steps to view your Insurance Products:
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In Innovation Studio, at the top left corner of your screen, click the main menu icon to open the main dropdown list.
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From this main list, click Insurance Product Factory. A second panel opens, to the left.
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Next, click Insurance Products to go to the Insurance Products list.
On the Insurance Products list page:
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To inspect a record from the grid, double-click it.
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To add a new product record, click Insert, at the top right corner of the page. For detailed instructions, go to the Creating Insurance Products page. For alternative ways to add product records, see also the Product Operations page.
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To edit the record of a Draft product, double-click it and press Edit.
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To edit the record of an Active product, click the versioning (+) button, at the top right corner of the page. For more details about versioning, see the Product Operations page.
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To delete a record from the grid, select it and click Delete, at the top right corner of the page.
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To export records, press Export, at the top right corner of your screen.