Life Insurance Product Configurator

  • 4 min read
  • Apr 15, 2021

The STEP Solutions Product Configurator is a user-friendly interface that enables product configuration by specific business user. Traditional Life Products Term and Whole Life Covering the major components required to configure Term or Whole Life products.

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I2S Configurator combines two technological elements developed by i2S the Insurance Business Modelling language IBML and the rules engine for the definition of all attributes and the representation of calculation rules of all insurance products.

Life insurance product configurator. Autonomous and centralised management of insurance products configuration for a more competitive time to market. Example of life insurance agent management in Vetraforce. You can then centrally control how product components are modified and deployed across your companys brands sales channels countries and customer segments.

Such solutions also allow customers to view details of their policies raise claims using web forms and pay their premiums via a self-service online portal. INSIS Product Configurator enables business users to quickly assemble insurance products with detailed re-usable components and without support from their IT department. A product configuratoris stand-alone software that supports insurance product development activities including pricing product modeling and testing.

Operational risk and cost reductions through configuration automation and audit capabilities. The Systems easy to navigate interface offers users a complete product definition and configuration of product. Gartner tracks more than 50 vendors that offer life insurance policy administration systems in Europe.

IRDA – Available Products. Insurers should know their role and value within the product development process and how they complement the existing IT landscape. Product introduction attributes dividend options premiums benefits dividends lapsation reinstatement customizable error messages nonforfeiture NFO transactions.

Product configuration is normally associated with vendor specific solutions used to drive particular Policy Administration systems. Product innovation through product configuration capabilities. Learn how to become a high-velocity insurer and win in the digital economy.

These functions provide consistency and reusability within the product toolset. The 2018 Magic Quadrant represents a snapshot of the market for a subset of those vendors that are present in at least two European countries have built up a significant portfolio of clients 11 clients and are continuing to add to their portfolio at least two in the past three full calendar years. While many policy management solutions have product management capabilities product.

Process and service management at individual product level. With full mobile functionality and. Central components are a workbench a calculation engine and a graphical user interface.

We built our cloud insurance platform for connectivity speed and customer centricity. Underwriting Engine Rules Configuration Capabilities. Gain a solid understanding of the product components of the Accenture Life Insurance Annuity Platform ALIP.

In order to ensure that the insurance products offered by the insurers are of value to the policyholder and that their pricing is appropriate and fair between the insurer and the insured IRDAI insists on the requirements of filing of insurance products under File Use guidelines before selling any lifegeneral. Insurance product templates are included to facilitate the development of product variations from already-launched products. Underwriting The Underwriting module includes embedded.

About the course This introductory course offers a broad overview of all the components associated with product configuration in the ALIP platform and is designed to empower the user with the skills to master the components of the calculation engine AACE. EIS is your partner for accelerating insurance digital transformation and delivering the customer experiences and ecosystems people demand. CPQ or configure price quote is a software solution that enables companies and their customers to select and customise products they want to buy view accurate real-time pricing for every possible configuration of the product and generate a quote for the productall from a single programapplication.

The Accenture Life Insurance Platform features product configuration capabilities that offer support for more than 400 built- in actuarial mathematical and statistical functions. It represents a huge step forward in the sense that the content used to describe the product becomes part of. Product configurators continue to evolve and gain interest among global property and casualty and life insurers.

Product Configurator enabled Policy Administration and Claims Workflow processing. The right insurance product configurator can help insurers develop agile process applications that can be changed quickly and universally. Automated decisioning for Life products with additional insured DI Child ADB WOP and GIR riders.

As a part of unified life insurance software platform for example an insurance product configurator can transform the product development process from a time-consuming bottleneck to a source of strength and competitive differentiation. Insurance product configuration drives your entire life-cycle transaction. Life insurance software helps agents and brokers automate different operations such as issuing policies collecting premiums and processing claims.

Robust configuration with high level of self-sufficiency. Product Configurator The Product Configurator accelerates the launch of new life insurance products through easy-to-use screens and tools.

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