Camilion Solutions Announces ProductAuthority V5.1; Leverages SOA and Standards to Enable Easy Integration of Product Data and Rules into Back-end Systems for Agility and Speed to Market
September 21, 2006
Camilion Solutions Announces ProductAuthority V5.1; Leverages SOA and Standards to Enable Easy Integration of Product Data and Rules into Back-end Systems for Agility and Speed to Market. Check it out:TORONTO --(Business Wire)-- Sept. 21, 2006 -- Camilion Solutions, the leading provider of product management, underwriting and online sales solutions for the insurance industry, today announced the release of ProductAuthority(TM) V5.1, the company's flagship enterprise product management solution. ProductAuthority V5.1 now incorporates the foundational standards - WSDL, SOAP and UDDI - to make the solution fully Web Services compliant, and incorporates a key ACORD XML Life and Annuity Specification to improve efficiency and manage risk in the annuity sales process.
ProductAuthority V5.1 enables insurers using an open Service-Oriented Architecture (SOA) to more easily and cost effectively integrate product data and rules into their operational systems, including policy administration systems. Product data and rules are stored in the central repository of ProductAuthority's "pure" product configurator where they can be exposed as Web Services to all back-end systems that need to be 'product-aware'. This not only eliminates the hard-coding of product data and rules into multiple systems, but also results in systems with unprecedented agility, allowing insurers to implement or change products in days.
This new version also includes a new testing facility to allow insurers to thoroughly test products before they are launched. Insurers can now test all product rules; define, store and manage test suites; and share or re-use test suites across products. The result is substantial improvements in product quality and reduced development and implementation time.
With the incorporation of ACORD's XML Life and Annuity Specification Policy Product Transmittal No. 1201, ProductAuthority also now automatically generates a standard definition of a Product Profile for Annuities (PPfA), which includes the basic set of information and business rules necessary to submit a properly qualified and complete application for variable and fixed annuity products. These PPfAs are then exposed to other product-aware systems as Web Services. The annuities sales process is now more efficient and has less risk because product errors are significantly reduced and the product information shared between an insurer, its selling partners and the end customer is consistent.
"If an insurer really wants the agility to drive their products to the marketplace ahead of the competition, they need to leverage SOA, build on a modern technology platform and stop hard-coding product information into all their back-end systems, like policy administration," said Ross Orrett, Camilion's President and CEO. "However, the full benefit of SOA cannot be realized until 'Product' is separated from 'Process'. Product data and rules must be externalized in a solution like ProductAuthority where they can be exposed as Web Services and enable legacy systems to easily adapt to constantly changing products."
About ProductAuthority
Built to capitalize on an open Service-Oriented Architecture, ProductAuthority(TM), fundamentally changes the way insurers develop and implement products by completely separating product from process. ProductAuthority's "pure" product configurator externalizes all product data and rules from multiple, hard-coded operational systems into a central repository where business users can build and modify their own products. These reusable product definitions include all important product information, including market eligibility, packaging, underwriting rules and forms management - not just pricing or calculations - and using Web Services are easily integrated with important legacy applications that need to be 'product-aware', such as underwriting and policy administration.
About Camilion Solutions, Inc.
Camilion Solutions, Inc. (www.camilion.com) is the leading provider of product management, online sales and underwriting solutions for the insurance industry. Camilion's solutions enable insurers to launch new or modified products more quickly and efficiently than competitors, automate underwriting, enable straight-through processing, and deploy a flexible platform to support current and future growth - all without requiring the replacement of existing policy administration systems. Designed to capitalize on a Service-Oriented Architecture (SOA), Camilion's comprehensive solution suite is open, scalable, and confirms to key technology and insurance industry standards. Founded in 2000, Camilion Solutions is a privately owned corporation with offices in Toronto, New York and California.
ProductAuthority(TM) and related names are trademarks of Camilion Solutions, Inc. All other names and trademarks are the property of their respective owners.
Related Tags: camilion solutions, policy administration, product aware, service oriented, product information, product
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