Camilion Solutions, the provider of product management, underwriting and online sales solutions for the insurance industry, has released ProductAuthority V5.1. ProductAuthority V5.1 now incorporates WSDL, SOAP and UDDI in order to make the solution fully Web Services compliant, and incorporates a key ACORD XML Life and Annuity Specification to manage risk in the annuity sales process.
ProductAuthority V5.1 is said to enable insurers using an open Service-Oriented Architecture (SOA) to easily integrate product data and rules into their operational systems, including policy administration systems. Product data and rules are stored in the central repository of ProductAuthority's 'pure' product configurator where they can be exposed as Web Services to all back-end systems that need to be 'product-aware'. This not only eliminates the hard coding of product data and rules into multiple systems, but also results in systems with agility, allowing insurers to implement or change products in days.
The new version also includes a new testing facility to allow insurers to test products before they are launched. Insurers can now test all product rules; define, store and manage test suites; and share or re-use test suites across products.
With the incorporation of ACORD's XML Life and Annuity Specification Policy Product Transmittal No. 1201, ProductAuthority also now automatically generates a standard definition of a Product Profile for Annuities (PPfA), which includes the basic set of information and business rules necessary to submit a properly qualified and complete application for variable and fixed annuity products. These PPfAs are then exposed to other product-aware systems as Web Services.
"If an insurer really wants the agility to drive their products to the marketplace ahead of the competition, they need to leverage SOA, build on a modern technology platform and stop hard-coding product information into all their back-end systems, like policy administration," said Ross Orrett, Camilion's President and CEO.
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