Insurance Product Factory 4.4.0

May 6th, 2022

Insurance Product Factory v4.4.0 is compatible with FintechOS Platform v22.1. In addition, it has a number of new features and improvements which you can read about below.

What's New

• There is a new UI in place that makes your access easier and more intuitive, while navigating between the Factory functionalities.

• The solution now lets you build your own LOB nomenclature, by using the new Lines of Businesses functionality.

• The new configurations at product level - Tariff Type and Underwriting Type, allow you to design products that are relevant for several types of audiences. You can also test your Tariff Type and Underwriting Type formulas, without leaving the context of your insurance product, inside the Test Calculations tab.

• The options to attach calculation formulas has been extended to include the product level (for premium calculation formulas) and the product coverages level (for underwriting formulas). As a result, the solution now accommodates appending calculation formulas where you need them most - either at product or product item level, allowing you more flexibility when configuring products.

• Additionally, you can select a percentage to split the premium on coverages when configuring a product with perProduct tariff type.

• The data mapping functionality has been extended. The Map Policy Data and Map Quote&Bind Data buttons now allow you to choose the source from where to bring the data for the formulas to run.

• The API calls are now logged into a Product Interrogation History. A new mandatory API key was introduced - sourceRecordName, to help you discover how APIs interact with your products.

• The Data Import Templates feature now allows you to add multiple types of bulk formula data to a destination environment.

• The Premium Amount API includes new keys on the result, code and validityDate. Response object and keys updated. If you need to call an earlier version of the formula, you can now specify a reference date (prior to the current date) and get the price results for your product item that were valid at that date.

Other Technical Improvements

• updates on FTOS_VersioningHelper_Edit client script library;

• new entity FTOS_IP_FormulaDataMapping;

• constraint on the FTOS_IP_FormulaDataMapping entity;

• UI refining.

For the Insurance Product Factory Import 4.4.0 digital asset:

• set tariff type and underwriting type for approved demo products;

• set Automatic Inforce default value to Yes, for all policies;

• set UpdateIndemnityLimit to false;

• migrated data mappings;

• set Policy Suspension default value to No, for all policies.

For more information, see the Insurance Product Factory v4.4.0 documentation.