Insurance Product Factory 4.0

August 6th, 2021

The latest version of Insurance Product Factory comes with a number of new features and integrations, including integration with Formula Engine and Document Management. Read all about them below.

What's New

Integration with FintechOS Formula Engine

Starting with 4.0 version, the Insurance Product Factory module integrates with the FintechOSBusiness Formulas to enable you to create and make the most of your own formulas for insurance. Formulas can support various business needs and they are a mandatory prerequisite for making your Insurance Product Factory work at its full capacity.

You input your financial and non-financial data, and arguments into your Formulas and, consequently, they help you with risk scoring - for example, to determine whether a property is eligible for insurance or not. In addition, Formulas generate accurate desired outputs - such as premium calculations split per insured items and handle various calculation scenarios - for example, for when premiums are configured differently for individual or group purchases.

For more information about creating formulas, see the FintechOS Business Formulas.

More Configurations at Product Level

Insurance Product Factory currently allows you to customize more features that further propagate into the behaviors of policies, collections of products or entire portfolios. You can make specific product configurations regarding policy adjustments or policy lapsing processes. You can set rules for the grace period, automatic renewal, write-off or statement generation. You can easily create adjustable collections of insurance product items with additional clauses, modules and risks covered by specific insurance products.

For more information, see the Insurance Products page.

Document Management

To accommodate the need of propagating a clear message into a collection of products and keeping track of how products are defined and presented, the Document Management functionality is now available. Insurance Product Factory currently allows you to manage the documents that are associated with your every product - for example Terms and Conditions, Definitions, mandatory General Presentation of the product as requested by the regulatory agencies, mandatory Clauses to be included in different contracts based on different criteria, sample presentations that are to be used in the quote & bind process or for different client personas and more.