TIA Technology, a company offering insurance software applications, has released Product Factory, designed to reduce the time and resources needed to go to market with new products.

TIA Product Factory includes a product management workshop; a product template; TIA Product Center, a configuration-based software tool; the implementation phase; and training in how to design new products variants. The process is done in iterations consisting of only a few products. 

A “strategic” product management workshop starts the offering. A TIA Product Architect works with the insurance company, acting as a consultant. Once the insurer’s new products are in the TIA Product Center, the implementation phase is completely handled by TIA experts at the Product Factory in Lithuania.

The TIA Product Factory team focuses on implementation of products into the TIA Solution quickly, said TIA. In a matter of three to four weeks, products are ready for the market. TIA Product Center makes it possible for non-technical employees to configure products instead of hard-coding them. The Product Factory Service offering reduces risk and time-to-value of a core system replacement project as well, said TIA.

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