Results
- Faster turnaround time in introducing new products to the market.
- Improved consistency and accuracy in application of business rules.
- Improved efficiency in introducing changes to rating logic and rates.
Business Situation
The client is a specialist in the health insurance and provides Health, Accident Care, Overseas Travel, Health + Life (Combi) and Group products.
The client was planning to launch multiple health insurance products within a short duration to enable rapid business growth.
The client sought to empower business users with a technology solution to aid efficiencies in definition of new products across multiple channels and market segments.
Challenge
The client sought a solution that enabled:
- Rapid rollout of new products.
- Reusability of rating logic and product definitions for greater efficiencies.
- Automated determination of risk eligibility.
- Rapid definition of rating logic and applicable taxes.
- The ability to support different product offerings across channels and/ or market segments.
Solution
ValueMomentum implemented the iFoundry solution to make product and rating accessible to multiple applications. The solution:
- Configured health products in iFoundry, including coverages, coverage relationship and rules that govern product offering, eligibility for the product, and underwriting rules.
- Defined Rating Logic for Health, PA and Overseas Travel Products in iFoundry, including Rate Tables and Rating logic, support for various transaction types.
- Collaborated with Business Users and Technology team to ensure seamless manifestation of business intent across systems.