Independent Product and Rating Engine for a leading Health Insurer

Results
  • Significant reduction in cost with new product rollouts.
  • Gained competitive edge with introducing new products.
  • Dramatic improvement in the efficiency of the business users.

Business Situation

The client is a well established insurance company in providing Health, Personal Accident, Travel and Critical Illness products. The client sought to launch new health products into the market with a short turnaround time.

The client envisioned a flexible system to configure new products with minimal effort by the business users to roll out products quickly into the market.

Challenge

The client sought a solution that:

  • Reduces cost and time in rolling out new products into the market.
  • Bring down dependability on the programming, while empowering business users with easy to use work-bench tools.
  • Was a flexible, consistent, and operationally cost efficient system.
  • Enabled the client to meet its goals of Improved customer service.

Solution

ValueMomentum implemented the iFoundry solution to:

  • Configure products including coverages, classification, eligibility rules that govern product offering & underwriting.
  • Rating Logic for Health, Personal Accident and Overseas Travel Products including Rate Tables and Rating logic.

ValueMomentum’s team collaborated with Business Users and Technology team to ensure that business intent was manifest across the systems.