Product Factory

Insurance Product Development and Lifecycle Management

Market-leading insurers demand the ability to respond quickly to evolving consumer needs and market trends with targeted and profitable products.  For companies managing multiple product lines, distribution channels and complex product offerings this is an ever-increasing challenge. Exigen’s Product Factory allows insurers to streamline product development and management to meet channel demands and to respond to changing market and regulatory requirements for existing products. It delivers a product configurability strategy that removes inefficiencies in the product development process. The result is increased revenue, faster new product cycle-times, and reduced product management costs.

Exigen Edge

Product Factory adds built-in product development and management to Exigen’s PolicyCore. It saves insurers the costs of a separate product component and associated integration while providing a comprehensive, easily configurable tool that accelerates product innovation and introduction. Product Factory’s extensive configuration and collaboration capabilities allow all stakeholders in the development process to participate and monitor the product from beginning to end.  The product manager Workspace automates both the development process and new and existing product management.

Product Factory’s unique “building block” design offers complete reusability. All product definitions, including eligibility, packaging, underwriting rules, forms management, and pricing, may be cloned and configured to create new products.  With Product Factory, insurers can leverage product design across channels, multiple business units, regions or countries.

Additional Product Factory benefits include:

• Advanced versioning control provides a clear audit trail of a product’s history
• Rules and tools-based approach makes products easily configurable
• Business experts can create and manage products with little or no IT reliance

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Core Processes

• Product Analysis and Design
• Product Configuration and Testing
• Product Implementation
• Product Performance Management

Core Features 

• Flexible product creation from reusable building blocks
• Ability to copy/clone an existing product to create a new product
• User defined and configurable building blocks
• Complete product information model with contextually-focused views
• Inventory of insurance building blocks for Property & Casualty products
• Enterprise product repository manages access to product definitions
• Product and building block versioning and full lifecycle version control
• Distribution and service workspace organization and navigation
• Product rules, definition and configuration
• Integrated business process management