Overview

Insurance Product Factory is an end-to-end solution that helps you grow and manage your digital portfolio. It enables you to create new insurance products, modify, or retire insurance products. The solution enables you to keep your digital portfolio accessible and comprehensible, while 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.

Integrations

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

  • Use 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.

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

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

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

You can also use Insurance Product Factory with different automation processors, that help you build your operations around the needs of your customers, and have in-depth control over the product reach - such as Omnichannel Campaigns, or Hyper-Personalization Automation, and others.

Insurance Product Factory Key Features

The Insurance Product Factory module enables insurers to be efficient, flexible, 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.