Today property and casualty (P&C) insurers are focused on growth and market share initiatives as they look to develop new revenue streams. Growing the business, reducing operational costs, and improving speed-to-market are top priorities for insurers who want to gain market share. However, the process of analyzing, developing, filing, and implementing insurance products has traditionally been manual, slow, and expensive.
To capitalize on today’s market opportunities, insurers need to find new ways to streamline, automate, and accelerate product development. They need to think differently about how they can leverage bureau content such as ISO loss costs, rules, and forms to minimize risk, avoid premium inaccuracies, and get products to market faster than their competition.
A New Approach to Insurance Product Development Software
Delphi Technology’s Accelerator product management system helps to digitize and automate the product development and maintenance process.
Delphi Accelerator’s product workbench allows imports of ISO ERC and AAIS product data and rate tables into a central dashboard — a self-contained area where product managers have easy access to the information and the tools they need to configure and maintain insurance products. Importing industry standard or proprietary content digitizes the content, making it easy to analyze and manipulate.
Key product processes can then be carried out in the dashboard: comparison and analysis of product definition changes for rate maintenance, configuration of product definitions to carrier-specific conditions, sharing with stakeholders and obtaining approvals.
Finally, updated definitions can be deployed from one central dashboard to many policy administration or point-of-sale systems. When done manually, there is no way to mass export new information to many systems from one source. Using Delphi Accelerator reduces the time it takes to make new product definitions available for the market.
Delphi Accelerator not only cuts months of work down into just weeks or days, but also yields significant cost savings.
The Accelerator dashboard also packages new ISO, AAIS or proprietary content, product comparisons and impact analyses into a centralized and easy-to-navigate space where internal stakeholders can review proposed changes easily, deploy and maintain products. Without Delphi Accelerator, product managers have to configure carrier-specific product definitions separately on each policy administration system for different audiences.
KEY BENEFITs of Delphi Accelerator
· Import of Electronic Rating Content Product managers can download and import electronic rating content directly into their own content libraries in a matter of minutes instead of days, weeks, or months. They can also define products for their target markets, desired lines of business, states, and issuing companies by adopting electronic rating content and combining it with their own intellectual property seamlessly from a browser.
· Instant Visibility into Electronic Rating Content Product managers can search their content libraries by version, state, or line of business and drill down to coverages, rules, rates, and forms, etc., right from their browser. They can also compare their products to any version of content from AAIS, NCCI, ISO or their own content libraries. Differences in rates, rules, forms, and coverages can be highlighted to support product definition decisions.
· Comprehensive Impact Analysis Product managers can analyze the impact of proposed changes stemming from the adoption of a new version of AAIS, NCCI, ISO electronic rating content or their own product changes. Delphi Accelerator provides instant insight into the impact from content changes by seamlessly integrating with Delphi Policy and leveraging its business intelligence functionality to verify what impact the changes will have on a book of business. Delphi Accelerator can also be integrated with third-party policy administration systems.
· Robust Product Design Tool Sets Product managers can leverage the comparison and impact analysis functionality to perform product “what-if” scenarios for any combination of loss costs/rates, rules, and forms from AAIS, NCCI, ISO, and their own unique content libraries. These tool sets enable them to tailor their product offerings to proactively evolve their market with unprecedented agility.
· Product Lifecycle Management Collaborative workflows in the product creation, approval, and deployment lifecycle involving internal personnel (actuarial, product analysts and managers, legal, etc.) and state DOI.
Delphi Accelerator enables product managers to harness the rich and robust electronic rating content from AAIS, NCCI, and ISO to give their products a competitive edge.
For more information, visit www.Delphi-Tech.com to learn how we can help you streamline your entire product management process.
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