Exigen Insurance Solutions Announces Launch of Product Factory

Major Enhancement Integrates Product Development and Management into Exigen Policy Administration Solution to Deliver Insurers Speed to Market

Orlando, FL , May 19, 2009

Exigen Insurance Solutions, Inc., a leading provider of modern technology solutions to property and casualty insurers, announced at ACORD LOMA Insurance Systems Forum the release of Product Factory – a major enhancement to its PolicyCore policy administration solution that adds built-in, easily configurable product development and management.  PolicyCore is part of Exigen Suite, Exigen Insurance’s new end-to-end suite of modular policy, billing and claims core systems that provides insurers measurable value and unparalleled speed to market. Exigen Suite is the first end-to-end system to provide insurers a fully integrated product configuration capability.

"With Product Factory, Real Insurance expects to reduce product rollout and refinement times by over 70% on average,” says Roger Grobler, CEO of Exigen Insurance client Real Insurance. “This level of flexibility and speed enables us to introduce and sharpen up products to perfectly fit our marketing, competitive position and business growth plans.”

 “Carriers are looking to take advantage of improving rates for many insurance products, along with an economy that is expected to return to growth soon. Offering a fresh product portfolio that caters to customers and prospects who are suddenly value conscious requires a robust and modern product development capability. Speeding time to market while improving product and pricing agility by leveraging IT as an enabler will be a critical success factor in the next several years,”  said Chad Hersh, a Principal in analyst firm Novarica's insurance practice.

“Product Factory directly meets the business objectives stated by Mr. Hersh,” says Rowshi Pejooh, vice president, 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. It gives insurers full control over their product strategy.”

Product Factory improves product development and management in the following ways:

• Products can be defined as components reusable across lines of business and geographies
• Users can build new products by cloning an existing product
• 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
• Collaboration capability allows product stakeholders to monitor the entire product lifecycle
• nsurers no longer need to shoulder the financial burden of buying and maintaining separate systems for policy administration and product development 

The Exigen Suite also includes DistributionCore, a new core product with functionality such as producer management, producer portal, compensation management and distribution channel management.  DistributionCore extends Web-enablement of sales & service distribution beyond traditional offerings with features such as revenue-building through “white-label” branding of products for alternative distribution channels.

“The rollout  of Product Factory and the new Exigen Suite with DistributionCore for producer and channel management represents a significant milestone and further signifies our position as an innovation leader and a market-driven provider of modern insurance core systems,” says Gwen Spertell, CEO, Exigen Insurance Solutions.  “Insurers looking for flexible and fully integrated solutions are finding real value in what is now the industry’s most comprehensive end-to-end offering.”