IBSuite: Set up new insurance products with IBSuite Product Lab

productlabfront220 Easily launch new insurance products in hours or days through existing and new channels. The direct way to new business. Having the ability to adapt and reconfigure the insurance products in your portfolio on a regular basis has become increasingly important.

about IBA’s insurance product configuratorBroader access – narrower segmentation Educational fact sheet
Many companies and agents are successful in expanding their market reach by adding more insurance sales channels, withthe result that their ability to segment customers and prospects more narrowly increases in a linear way. By adding new affinities, you gain access to well defined and homogeneous customer segments, and by adding new insurance communication channels such as web shops, social media, or mobile apps, you gain access to valuable customer segmentation data.

You will experience that one insurance product does not necessarily fit all, even though this product already contains some flexibility, different options, sums, tariffs or clauses. The need for changes, additions and even brand new products or tariffs will appear on a regular basis. With IBSuite’s Agile Product Configuration capabilities, the creation of a new insurance product never becomes an IT project. Setting up new insurance products or creating a product variant is done in hours or few days by configuration and minor scripting only, and can be deployed without any IT downtime at all.

Flexible reusable tariffs

The tariff- and rating engine in IBSuite combines the power of the table based rating engine with the flexibility of the rule-/scripting based rating engine, giving you high performance and full flexibility at any given point in time.

Agile product configuration with IBSuite insurance softwareIn IBSuite tariffs are detached from the products, allowing several products to share the same tariff or sub-tariff if this is so required. This can dramatically decrease the complexity of your total tariff/rating setup, hence leaving less room for errors and less resources to spend on updating and maintaining the tariffs.
Tariffs/rates can be exported and imported in Microsoft Excel, allowing anyone familiar with spreadsheets to maintain and configure the tariffs.
Another key strength is that tariffs can be more than just hierarchical decision trees. You can add mathematical formulas to the tariff, which enables you to include easy configurable calculations without programming E.g.: Calculating a load factor based on a specific algorithm. Through callouts to script functions you can even invoke IBSuite functions to handle advanced calculations or invoke Web Services. For example, fetching risk parameters or even a full premium calculation from external systems or legacy backend systems.

Flexible componentized products
Sharing tariffs between products reduces the complexity considerably. Now you don’t need to maintain the same tariff or sub-tariff with loading factors by Zip-code or by car models in several places.

But not only tariffs can be shared between products in IBSuite; covers or other components of a product – even the more granular level called Premium Parts in IBSuite – can be shared between products too.

We doubt any other insurance software solutions could match IBA product configuratorThis allows for an extremely flexible way of building and configuring your products, where you over time assembles your new insurance products by reusing existing tariffs and premium parts, and likewise maintains most similar parts of the products in only one place. Just like LEGO blocks – but with the added twist, that if you need to change the colour or size of one type of block used in several products, you only haagile_2ve to change it once.

When configuring products, you also define how the product parameters should be made available through different sales- and communication channels (sales through brokers, policy administration back office screens, claim handling screens etc.). You can control access to the product parameters down to the actual field, allowing for a detailed segregation based on roles.

And as the user interfaces are dynamically built by IBSuite (without programming effort) you have the possibility to preview how the graphical user interface will look for any given channel while you are configuring the product.

Read more about IBSuite’s benefits around working with your channels in our Multi-Channel Sales description