Camilion Solutions, a provider of insurance product development solutions and modern property/casualty policy administration systems, now offers insurance product portfolio rationalization workshops for both property/casualty and life/annuity insurance carriers.
The workshop helps insurers identify product component similarities and redundancies; standardize product data and unify previously disparate lines of business; and eliminate duplicate or unprofitable products.
By the end of the workshop, insurers are able to determine which of their products they should continue to sell or maintain and which to discontinue and run off, while examining the pricing, marketing, and distribution of remaining products.
Using a methodology used in engagements with some of North America's largest insurers, Camilion works with insurers to develop a best practice insurance product architecture. This architecture enables an insurer to identify relationships and commonalities such as questionnaires, coverage objects, riders, rate logic, rules, and reference tables to create common product baselines.
Once the baselines are created, the insurer can accelerate the development of new or the modification of existing products, re-use coverages, implement state filing requirements quicker and create packaged insurance products faster to meet market demands.
"Because of our knowledge of the insurance industry, and often as a result of mergers and acquisitions, customers have proactively reached out to us to help them rationalize their product portfolios," says Susan Hutt, senior vice president, services and R&D, Camilion Solutions. "We have had significant success in helping them optimize their portfolios to maximize revenue potential, get a head start in core system replacement and achieve enterprise product agility. With this success, we have decided to make the benefits of this workshop available to non-Camilion customers as a standalone offering."
The Product Portfolio Rationalization Workshop is a fixed price services engagement which includes:
- Collaborative on-site consultation with your team and Camilion subject matter experts
- Inventory and analysis of your insurance product portfolio
- Identification of commonalities within the portfolio
- Rationalization process
- Development of an enterprise-wide insurance product architecture
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