The IDIT™  Product Manager, Rule Builder, product coefficient maintenance functionality and other tools combine into a first-class, comprehensive, insurance product-creation application suite. Users are empowered with a tool for building an endless array of insurance products for both personal and commercial lines of business. The products can be packaged flexibly in a way that extends the suitability of the system to every insurance organization i.e. traditional carriers, direct writers, brokers, and other distribution channels such as bank assurance.

 

The Product Factory and product management modules & wizards facilitate the definition of new products by highly flexible and parametric processes. The wizards help define covers, eligibility rules, options and conditions available, premium rates, terms of trade (ToTs), etc. They enable the implementation of differential underwriting, personalized rates/tariffs and other underwriting acceptance criteria.

 

The Product Factory is a dominant core component of the IDIT™ application and design. It controls the process flows and processing behavior of all application domains related to the insurance product such as:

• Policy administration
• Lines of business (LOBs)
• Billing and collection
• Commission management
• Claims processing and settlement

The Product Factory manages these domains by a parametric set of integrated wizards providing extreme flexibility and highly sophisticated tools. It maximizes the use of automation in the product definition process. Parameters control the tuning of the underwriting decision processes, the rating algorithms, details and options of coverage, etc. This empowers business users with great flexibility in developing new products, maintaining existing products, updating coverage, premiums, rates, conditions, policy wordings, clauses wording, special offers, etc.

Power business users can manage changes in underwriting, rates and tariffs, coverage, etc., without changes in the software code. These changes can be made instantly (i.e. upon request) and are instantaneous and effective immediately!

IDIT™ can maintain multiple product versions. When new rates or rules are published, a new version is created, so that conditions included in existing proposals and policies are retained as long as the policy is in effect. Data can be entered into the system in advance, with a time-dependent version effective date.

The Product Factory is used to define underwriting and acceptance conditions such as:

• Default policy effective, expiration and term dates
• The timeframes for which proposals are valid
• Control future and retroactive eligibility
• Blocking specific risks from being insured or restricting their coverage
• Providing automatic underwriting, manual underwriting alerts & skill-based routing
• Assign geographical areas with risk levels representing the risk related to theft, house break-ins, earthquake, flood, etc.
• Facilitate requests for prior claims history, additional protection and anti-theft devices and the need for compulsory insurance
• Process data concerning replies to questionnaires and risky professions and hobbies, in order to deny coverage in extreme cases or to change
• Facilitate referrals for examination and underwriting review
• Set limits and options of the sum insured (insured amount) and deductibles