Rapid Product Innovation solution
Customer expectations, demands from distribution channels and regulatory changes are driving product actuaries to explore new opportunities and products to meet the changing needs. Though many companies have improved their new product introduction processes and workflows, yet the main obstacle to rapid product introduction remains inflexible legacy systems.
The Infosys Rapid Product Innovation (RPI) solution helps carriers to implement product / plan changes faster and cost efficiently. It combines product introduction methodology, externalization of hard coded business rules, automated workflows, and integrated data management to deliver higher operational efficiency.
Our solution takes an integrated approach to address your business issues:
- It is based on a product configurator approach that provides a modernized legacy environment with externalized product rules in a separate database coupled with a Web front end to configure products.
- The framework envisions a product construction methodology that allows the product actuary to decouple current products into benefit segments that can then be reassembled to create new products. In addition, new benefit segments can be integrated with existing segments to quickly form new products. Benefits are priced on a standalone basis and discounts can then be applied when grouped with other benefits to form a product.
- 30 to 50 percent reduction in product introduction costs
- Faster time-to-market
- Greater pricing flexibility
- Ability to develop products cost effectively to explore niche market opportunities
- Enables product designers to fully exploit the capabilities of current systems