Through its implementation of ProductAuthority®, CNA Insurance has been able to automate their product development process as well as reduce their time to market by 30%.
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Thornhill, ON (PRWEB) February 14, 2011
Camilion™ Solutions, a leading provider of insurance product development solutions and modern P&C policy administration systems that create enterprise product agility, today announced that its client CNA, the 7th largest U.S. commercial insurer and the 13th largest U.S. property & casualty insurer, has been recognized by Celent as a Model Insurer for its effective use of technology in the area of Product Design/Definition.
“Through its implementation of ProductAuthority®, CNA has been able to automate their product development process as well as reduce their time to market by 30%,” explains Mike Fitzgerald, Senior Analyst, Celent. “By implementing flexible, modern technology that supports insurance product configurability, streamlining the insurance product lifecycle and accelerating speed to market, CNA delivers quality products to market faster.”
With hundreds of product changes per month that were rife with manual paper processes CNA realized that to accomplish their goals, they needed to make insurance product lifecycle management a core competency. They also recognized that product configuration technology could play a key role – not only in accelerating insurance product development, but also in helping to bring about the business change required to create a formal process.
Since going live with ProductAuthority in 2008, CNA has launched several new innovative D&O and E&O products in months, not years. Camilion’s ProductAuthority has played a key role in the company’s strategy to automate and create greater transparency around its product development process to eliminate high-touch, error-prone manual processes in order to reduce data management costs and create product innovation. As an innovative product development and management solution that includes an insurance product configurator, rating engine, business rules engine and product management workstation, ProductAuthority is a robust solution with sophisticated inheritance and re-use capabilities which enable CNA to quickly modify or build new quality products faster with greater visibility into the overall process.
“ProductAuthority provides us with web-based automated, configurable workflows to facilitate effective collaboration and eliminate bottlenecks within our product development process. Today we have over 600 active users including underwriters, actuaries, product developers/managers/architects, business systems analysts and executives using the solution,” said Steve Coryell, Assistant Vice President, Product Management, CNA. “ProductAuthority enables us to streamline, inform, track and manage all of the tasks and stakeholders within the product development process. It also enables us to develop and refresh multiple products concurrently. We now have the visibility into the process to accurately measure our success and drive continual refinements in our process and our products.”
“Congratulations to CNA for their well-deserved recognition as a Model Insurer. CNA are visionaries when it comes to product development and identifying disciplined product management as a core competency,” says Susan Hutt, Senior Vice President, Product Management and Strategy, Camilion Solutions. “Camilion is pleased to be a long-term strategic partner as we take great pride in our collaborative approach to helping CNA transform their product development process, improve their time to market, increase productivity and reduce operational costs.”
Leveraging a Service-Oriented Architecture and built on a modern technology platform, ProductAuthority enables product agility by externalizing all insurance product data and rules from multiple, hard-coded operational systems into a centralized web-enabled product repository where re-usable product components can be easily inherited to modify existing or develop new products—in weeks not months. These re-usable product definitions include– eligibility, packaging and pricing, calculations, underwriting rules, and forms management. With ProductAuthority, insurers can develop products concurrently to enhance revenue; automate manual processes to reduce costs and create audit-ability; and get quality products to market faster.
About Camilion™ Solutions, Inc.
Camilion Solutions is a leading provider of insurance product development and management solutions. Camilion’s innovative software solutions create enterprise product agility by allowing organizations to develop the right product for the right customer at the right time and enable key strategic initiatives such as insurance product life cycle management and insurance product portfolio rationalization.
Some of the world's largest insurers are currently in production with Camilion’s ProductAuthority, using it as a standalone enterprise product development and management solution, or as the innovative product agility platform on which Authority Suite®, a P&C Policy Administration System, is built. ProductAuthority brings new levels of automation and efficiency to the product development process, enabling organizations to get quality products to market up to 30% faster. Built on a modern rules and tools-based technology platform, Authority Suite is the insurance industry’s most product-agile policy administration system.
Founded in 2001, Camilion is a privately owned corporation with offices in Toronto and New York City.
For more information, visit http://www.camilion.com or call 1-866-226-4546.
©2011 Camilion Solutions Inc. All rights reserved. CAMILION™ is a trademark owned by Camilion Solutions Inc. AUTHORITY SUITE® and PRODUCTAUTHORITY® are registered trademarks owned by Camilion Solutions Inc. All other products and services mentioned are trademarks of their respective companies.
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