Product management is an essential capability within a policy management system. To remain competitive, insurers must be able to rapidly release new and updated products within their various lines of business (LOBs). Effective product management capabilities provide user-friendly, GUI-based tools that enable insurers to configure the various elements of their products -- rating algorithms, rate tables, rules, forms, form-selection rules, and data -- and apply testing and analysis before releasing changes into production.
Insurers relying on legacy systems for product management face slow development and long timelines. Often, due to a reliance on complex user interfaces or the need for code changes to deploy new products, legacy systems require support from scare IT development resources or support from the software vendor. These legacy systems often have limited testing functionality, which increases the risk that flawed products will be released to the market. The combination of long timelines and a higher chance of errors limits the ability of insurers with legacy systems to effectively respond to change and pursue new opportunities.
BriteLines empowers insurers to quickly define and manage lines of business and the products within. It offers tools for configuring all elements of a product definition, including coverages, rating algorithms, rate tables, rules, forms, rules for form selection, and form data. Product definitions may be inherited from templates, versioned by date, and versioned by jurisdiction. BriteLines offers speed to market and flexibility within a UI that is accessible to business users.
- Integrates seamlessly with the BriteCore ecosystem as well as third-party data sources and solutions
- Builds new insurance products quickly using template import and export functionality
- Enables users to preview product changes and rating impact within the module
- Displays rating details so users can see what coverages, rate tables, and calculations are used to arrive at a given premium
- Accelerates rate modeling through product inheritance, allowing similar lines of business to share a common template
- Assists in resolving product changes prior to renewal through automated data mapping
- Quickly populates rate tables from existing spreadsheets
- Copies product definitions to speed the creation of new lines of business
BriteLines equips insurers to define, test and deploy their products faster. This enables insurers to realize the product flexibility and speed to market required to keep pace with the evolving needs and expectations of their customers.