Product management software drives product speed to market

Camilion Solutions has developed Product Innovator, a product management software suite for the Insurance industry. Product Innovator is designed to deliver solutions to support a product’s entire lifecycle. Product Innovator facilitates mass-customization of products, to speed delivery of unique products to market in record time.

Using Product Innovator, insurers can:

Quickly introduce products to meet specific market demands
Deploy products through multiple channels
Improve risk management with consistently applied business rules
Eliminate redundant data management
Improve distribution of product information across existing corporate systems
Gain enterprise-wide insight into product profitability and market penetration
Product Innovator comprises three main products:

Product Configurator

Product Configurator allows product managers to layout a consistent architecture to manage products and create new or customized products for specific markets, states, industries and channels, using industry standards such as ACORD XML. Product Configurator lets users validate product rules and stores definitions for easy reuse in a product catalog. The entire solution is based on an inheritance model, which maximizes reuse and simplifies maintenance. Coupled with Camilion’s Product Process Manager, Product Configurator essentially forms the product manager’s workbench.

Product Services

Product Services enables connectivity between the product repository managed in Product Configurator and existing enterprise applications. As the central hub for all product related requests, it stores all product definitions and makes them available to other enterprise components and systems, including applications built with Product Process Manager, through a web services API.

Product Process Manager

Product Process Manager provides capabilities to craft product-related solutions for quoting underwriting and transactional events, specifically tailored to the needs of a given product, in record time.

What makes applications built with Product Process Manager so powerful is that all needed product rules and values come from Product Configurator, and almost no coding is required. Product changes can be rapidly deployed and reflected within these applications with minimal involvement from IT. Its extensive data integration capabilities make the job of integrating product processes with legacy systems easier.