Rapid Product Innovation Solution

Customer expectations, demands from the distribution channels and regulatory changes are driving product actuaries to explore new opportunities and develop products to meet these changing needs. Most insurance companies wish to reduce the time needed to introduce new plans and products with customized features.Though many companies have improved their new product introduction processes and workflows, they have been unable to address the number one impediment to rapid product introduction – inflexible legacy systems. Legacy systems with their hard coded product features and business rules are ill-suited for a rapid product introduction environment. As a result, carriers are unable to capitalize on new growth opportunities.Infosys’ Rapid Product Innovation (RPI) Solution is a strategic capability enhancer that helps carriers to implement product/plan changes faster and with reduced cost. The RPI solution combines product introduction methodology, externalization of hard coded business rules, automated workflows, and integrated data management to deliver higher operational efficiency.Click here to view larger imageUnlike other solution approaches that are limited in their scope, Infosys’ RPI solution takes an integrated approach to solving the problems faced by carriers.

It is based on a Product Configurator approach that provides a modernized legacy environment with externalized product rules in a separate database coupled with a web front end to configure products.
The framework envisions a Product Construction Methodology that allows the product actuary to decompose current products into benefit segments that can then be reassembled in new combinations to create new products. In addition new benefit segments can be designed and integrated with existing segments to quickly form new products. Benefits are priced on a stand alone basis and then discounts can be applied when grouped with other benefits to form a product.

This approach provides a service layer between the Configurator and legacy system. This service layer forms the communication link that transfer data between the Configurator and the legacy system.Benefits

30%-50% reduction in product introduction costs
Faster time to market
Greater product pricing flexibility
Ability to cost effectively develop products to explore niche market opportunities
Facilitates the ability of product designers to fully exploit the capabilities of current systems