ProductAuthority(TM) Features New IBM Support, Product Compare
Capabilities and Rule Building Enhancements To Accelerate Product
TORONTO, June 26 /CNW/ - Camilion Solutions, a leading provider of
product development and next-generation policy administration systems to the
insurance industry, today announced its latest release of ProductAuthority(TM)
with features that will enable insurers to further accelerate the development
of products. This new release provides: complete support for IBM's Insurance
Application Architecture (IAA) model, which provides product definition
templates based on insurance best practices; Product Compare capabilities that
enable users to compare the specifications for any two products in
ProductAuthority's central repository; and enhancements to the solution's rule
building functionality to allow an insurer's product analysts to more easily
create product rules and test their impact on consuming systems, like
underwriting and claims, before a product is launched.
"Leading insurers, especially in the Life and Annuities markets, are
under tremendous pressure to deliver innovative products that respond to the
demands of their sales channels and customers," said Ross Orrett, President
and CEO, Camilion Solutions, Inc. "This new functionality in ProductAuthority
will enable our customers to accomplish this faster and more efficiently than
ever, especially those who utilize IBM's IAA model."
Through its support of IAA, ProductAuthority now enables:
- Product analysts to fully model products using IAA, without
dependence on IT resources, including the creation and
management of Request, Rule and Calculation specifications to
significantly improve time to market.
- Automatic creation of business friendly product specification
documents from IAA product models.
- An IAA Product Test Facility to validate product Request,
Rule and Calculation specifications to improve the quality of
products and monitor the impact of the product on other
systems before deployment.
- Product agility through the reuse of individual product
components when creating new products.
- Publish products based on the IAA generic agreement enabling
customers who adhere to the IAA specification to simplify
product integration with underwriting and policy
administration systems that support the IAA specification.
Recently, ProductAuthority was integrated into IBM's Insurance Solution
Lab (P&C) in Dallas, Texas, as the product configuration solution that powers
their product lifecycle management solution.
Through its product managers' Workbench, ProductAuthority now also allows
users to compare the specifications for any two products. This "side-by-side"
comparison is provided in Adobe PDF format and highlights differences between
the products. Product developers can quickly and easily ensure that all
product differences have been identified correctly, especially important if
components from an existing product are being used to create a new one. As
well, when insurers grow through mergers and acquisitions they often end up
with similar products in their portfolio, so Product Compare will help
expedite decisions around which products to keep or retire.
Built to capitalize on a Services-Oriented Architecture (SOA),
ProductAuthority fundamentally changes the way insurers develop and implement
products by completely separating product from process. A "pure" enterprise
product configurator, ProductAuthority creates agility by externalizing all
product data and rules from multiple, hard-coded operational systems into a
central repository, where qualified business users can build and modify their
own products. These reusable product definitions include all important product
information - eligibility, packaging, underwriting rules and forms management
- not just pricing or calculations. The integration of product definitions
with important product-aware legacy applications, like Policy Administration
Systems, is simplified by using Web Services.
ProductAuthority also incorporates a product manager's Workbench to
automate product development processes and test products prior to integration
with consuming systems; a Product Catalog that gives all product stakeholders
access to product features, rules and status; and the ability to generate full
product specifications directly from the repository.
About Camilion Solutions, Inc.
With customers who are the world's largest insurers, Camilion Solutions,
Inc. is a leading provider of enterprise product development solutions and
policy administration systems for insurance. Camilion uses its deep knowledge
of the insurance industry to develop software solutions that enable insurers
to launch new or modified products more quickly and efficiently than
competitors, automate underwriting, enable straight-through processing for
online sales, and deploy an agile, modern technology platform to better
support current and future growth. Camilion is a privately owned corporation
founded in 2000 with offices in Toronto and New York.
For further information:
For further information: Gwen Lannaman, Camilion Solutions, T: (905)
489-0752, M: (416) 992-9557, firstname.lastname@example.org