The impact of the recent economic crisis has forced insurers to rejuvenate their growth strategies. prompting them to take a more strategic view of their insurance product portfolio.
Toronto, Canada (Vocus/PRWEB) November 16, 2010
Camilion™ Solutions, a leading provider of insurance product development solutions and modern P&C policy administration systems that create enterprise product agility, now offers Insurance Product Portfolio Rationalization Workshops for both Property & Casualty and Life and 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 proven 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 deep 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,” said Susan Hutt, Senior Vice President, Services and R&D, Camilion Solutions Inc. “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.”
According to Chad Hersh, Principal, Insurance Practice, Novarica “The impact of the recent economic crisis has forced insurers to rejuvenate their growth strategies prompting them to take a more strategic view of their insurance product portfolio. Just as the automakers needed to re-examine their product portfolios as they could no longer afford to build almost identical models to be sold as separate brands, insurers must reduce product duplication and simplify product offerings to remain competitive and to quickly meet changing market needs. And for those that are considering a core system replacement or renovation, or are in the midst of such an initiative, insurance product portfolio rationalization can provide a head start.”
The Product Portfolio Rationalization Workshop is a fixed price services engagement which includes:
Pricing and timelines for the workshop vary based on the number of insurance products in the insurer’s product portfolio. For more information or to inquire about scheduling a workshop, please contact tracy.staniland@camilion.com or 1.866.226.4546 ext. 3454.
About Camilion™ Solutions, Inc.
Camilion Solutions is a leading provider of product development and management solutions for insurance and other financial services organizations. 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 enabling key strategic initiatives such as product life cycle management, dynamic product bundling and product rationalization.
Some of the world's largest financial services organizations 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 P&C Policy Administration System.
Founded in 2001, Camilion is a privately owned corporation with offices in Toronto and New York City.
ProductAuthority®, Authority Suite®, and related names are trademarks of Camilion Solutions, Inc. All other products and services mentioned are trademarks of their respective companies.
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