Insurance Product Factory 4.3.0

February 10th, 2022

Insurance Product Factory v4.3.0 is compatible with the FintechOS Platform v21.2.2.2, formerly known as Core DPA Platform, which includes the Configuration Management capability. In addition, it has a number of new features and improvements which you can read about below.

NOTE  
This is part of the FintechOS 22.w release. Please check the main release notes for more information.

What's New

There are cases when you need to access or work with product data or Insurance Product Factory capabilities in a way alternative to the one available as a user journey, in Innovation Studio. Besides the previous Get Premium Amount API - which was also improved, the solution now allows you to make new API calls regarding other product-related calculations. The following new APIs are available:

New Configurations at Product Level

The new Prorata type field allows you to set the proportion rate type for premium payments. You can also choose between generic or specific proportion rate and make time unit configurations, for the second one.

The new Renew Type field allows you to choose the type of the insurance policy renewal. You can also choose between no renewal or different types of renewals. For the Automatic renewal option, you can make validity, policy, and tariff configurations and also you can also add the number of days before the system notifies you about the coming renewal opportunity, for policies incorporating the specified product.

New Get Formulas Structures API

The Get Formulas Structures API enables you to get all the formulas attached to a product. The endpoint for this API is called FTOS_IP_GetProductFormulasStructuresAPI and it is responsible for getting the input parameters for the underwriting formulas attached to a product, and also for getting the input parameters for the premium formulas attached to each product item. Also, if necessary, in the API call you can specify a date and get the product formulas that were valid for that date. For more details, consult the Get Formulas Structures API page.

New Get UW Rules API

The Get UW Rules API enables you to get the underwriting decision results for a product item. The endpoint for this API is called FTOS_IP_GetUWRulesResultAPI and it is responsible for running the underwriting formulas for a product item, based on the underwriting rules (UW Rules) defined at product level and, also, for returning the underwriting decision results. If necessary, in the API call you can specify a date and get the underwriting decision results for your product item that were valid for that date. For more details, consult the Get UW Rules API page.

Product Operations

The following features are out for users who like to save time and recycle. And, irrespective of the way you choose to adjust your products, the Insurance Product Factory handles your changes in a secure way and also helps you to keep track of the updates - through the standard FintechOS versioning mechanism.

Importing Insurance Products

The Data Import Templates of the Product Factory solution are now adjusted to better respond to the needs of insurers. This improved importing capability presently allows you to add multiple types of product data on a FintechOS destination environment. The most important use case for this functionality is a fast bulk import into the system of numerous new insurance products - with all imported products being registered in Draft status. Also, there is a Data config definition available for product related entities. For more details, consult the Importing Insurance Products page.

Cloning Insurance Products

This new functionality lets you replicate all data from an original product into a new one - a cloned product, that is registered in the same environment, in status Draft. The most important use case for this functionality is the fast replication of a very successful product into a new one, possibly destined to the same type of audience but in a different geography. For more details, consult the Cloning Insurance Products page.

Demo Insurance Products and Formulas

The Insurance Product Factory package includes two demo products configured for Life and Health insurance types and a set of formulas to help with automatically scoring and pricing of insurance quotes. Insurers can use the products right away - exposing them in digital journeys, or they might modify the products to better suite their particular markets. For more details, consult the Digital Assets page. For more details about the Life and Health insurance, consult the Life and Health page.

Minor Technical Improvements

The following are minor technical improvements that come with the new version of the Insurance Product Factory solution:

  • Premium Amount API includes new keys on the result, code and validityDate. Response object and keys updated. You can now specify a date and get the price results for your product item that were valid for that date.

  • Small UI changes on product general tab and coverages.

  • Unique constraint added on FTOS_IP_InsuranceProductItemFormula, for versioning purposes.

  • Sync the insert form with the edit form.

  • Updated FTOS_IP_InsuranceProduct entity.

  • Updated FTOS_VersioningHelper_Edit client script library.