American United Life Insurance Co. (AUL) has licensed the Visual Product Modeling System (VP/MS) from Computer Sciences Corp., El Segundo, Calif. The Indianapolis-based financial services company will use VP/MS to simplify development of new life insurance products. More than 20 organizations in the United States and Canada have selected VP/MS."We expect VP/MS to transform not only how we design new products, but the products themselves," said Emet Talley, AUL vice president of information technology. "It will also give our actuaries more flexibility in designing life offerings, allowing us to add the bells and whistles that answer market needs."
VP/MS is a product development tool that can significantly reduce development time for insurance and other financial services products. It is platform-independent and can be deployed over the Internet, allowing product designers, actuaries and marketing personnel to collaborate using different administration systems and locations to develop actuarial formulas, complex table-based rules, and sales and policy value illustrations.
By integrating the tool with life and annuity administration systems, VP/MS can also reduce the testing and verification effort required for new products.
Source: Computer Sciences Corp.
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