In today’s fast-paced insurance landscape, launching a new product swiftly and efficiently can set you apart from the competition.
But building an insurance product that incorporates a range of project tasks, pricing calculations, multiple documents, complex processes, integrations, and regulatory requirements, while managing it across multi-lingual and multi-currency environments, can be challenging.
Whether it is a simple pre-priced proposition or a complex, individually quoted commercial underwriting – P&C insurers have their work cut out for them. The days of Excel, Word and proprietary IT scripts are long over – now we’re in the age of the core platform solution.
Are you ready to transform your insurance product launch strategy?
Adapt to evolving demands and needs
A smart core platform solution lets insurers design, customise and launch new insurance products efficiently and with ease. With flexible configuration tools, insurance carriers and Managing General Agents (MGAs) can adapt to market demands, regulatory changes, and customer needs, while still maintaining a competitive edge. For instance, SID can be configured to accommodate different regulatory requirements across various regions, ensuring compliance without the need for extensive proprietary IT development.
Utilise flexibility and two decades of built-in expertise
One of SID’s standout features is its ability to simplify the configuration process. During the last 20 years it has accumulated more than 500 Product Templates, which are preconfigured with type of insurance, wordings, coverage options, ratings, discounts, and deductibles, requiring minimal coding. SID also supports multi-currency and multi-language configurations, making it ideal for insurers expanding into new regions or catering to diverse customer bases. The SID platform’s Product Builder supports users through the product-development process, ensuring data integrity and consistent processes for each step in the value chain.
Combined, this lets users select the most relevant template and easily finalise the new product and its underlying processes with zero or very little coding. And of course, an experienced team will tackle any remaining challenges for a swift product launch.
Client case – new insurance product launch
One specific example is a classic cars cover, which is anything but “standard”. We implemented complex tariff calculations with over 40 parameters, including car characteristics, driver details, and discounts, arranged in a specific order with strong interdependencies. Country-specific regulatory rules regarding number plates added even more complexity to policy administration.
We migrated existing portfolios, preserving all relevant data and business rules, while launching the product in less than 3 months, keeping the total cost of implementation under €100,000, including migration. This swift and cost-effective implementation showcases our platform’s efficiency and flexibility.
Ready to take the next step? Schedule a demo with us today and see a SID product launch in action!
