Product Builder consists of Form Builder and Policy Template Builder modules that provide rich set of tools for designing insurance products by insurance company experts, methodologists and business analysts independently from system developers. Insurance companies gain significant competitive edge by being enabled to develop and deploy new products as quick as within 24 hours.
Form Builder module allows creating and editing different forms that define and relate to insurance products, such as Edit Forms (interfaces for submitting policy data), View Forms, Print Forms (e.g. Policy Contracts, Schedules, Invoices, etc.) and Search Forms (e.g. search sub-policy in a master policy). Builder also enables defining complex Dynamic Insurance Objects and customized Scripts for data entry validations and various mathematical computations applied (e.g. actuarial calculations). Dynamic Objects are basically all types of objects that can be insured.
- Manage Forms (create, edit and remove) Design various forms with rich functionality
- Manage Dynamic Insurance Objects
- Create any Insurance Object with respective attributes
- Link two or more objects together
- Link forms to objects
- Link scripts to objects
- Manage Computation Scripts, e.g.
- Write and debug data validation scripts with an easy human understandable language
- Write and debug calculation scripts (e.g. complicated actuarial premium calculations)
- Write and debug data export scripts (e.g. Excel reports)
- Manage XML templates for data import and export.
Policy Template Builder
Policy Template Builder module enables creating various products by defining and combining Product Description, Dynamic Objects, Risks, Conditions, Forms (designed through the Form Builder) and other attributes.
- Manage catalogue of Lines of Business
- Manage catalogues of Risk Categories, Risks, Covers, Perils and Conditions
- Manage Policy Templates (Products)
- Define general description of a product under selected line of business
- Define insurance objects
- Define risks, covers, perils and conditions
- Define premium calculation methods
- Define payment terms
- Define termination methods
- Define other terms relating to claims, reinsurance, packaged submission, etc.
- Define tariff rates and price calculation formulas
- Create N number of pricing rate matrix tables
- Create N number of columns and rows for each table
- Columns arranged with N levels of sub-columns
- Link column and row values to dynamic object attributes (e.g. Vehicle Type)
- Link multiple tables together with formulas
- Conditional calculation terms
- Flexible discount management at risk level, regular policy and group policy levels.
Product Deployment Cycle
- Streamlined six steps cycle for product development and deployment by Insurance Company personnel
Such approach to Product Builder provides limitless capabilities for defining and parameterization of highly complex insurance products.