Nvest Solution

Product Rule-Engine For Policy Servicing

System built to deal away with all the complexities of features and calculations of an insurance product during configuration

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Overview

Insurance products have become complex and will become even more so in future due to increased competiton. Configuration of such complexities takes days.

With our system a product can be configured in just 2-3 days with all its complexities. Moreover, all calculations are defined individually, what it means is for any specific event like policy lapsation only the calculations for that very event will run.

This tool can easily be integrated with any other external system through APIs.

Key Differentiators

Configure Any New Product Within 2-3 Days

Our configuration panel drastically reduces product configuration time to just 2-3 days

Fully API Based Integration

Our system can be easily integrated with any other system through APIs. For each activity, API is created and one can use that to easily access the calculation.

Can also be used as an Audit tool

It can easily be used as an audit tool for checking every single calculation. A fully automated audit tool which can run daily batches for required activities.

Advanced IT knowledge not necessary

Our configuration panels are built for functional experts; no need to block any technical bandwidth. It is efficient and more accurate.

Ease Of Configuration

Configuration is very easy through auto-configured rules and panels. Moreover, in-built functions and keywords help handle complex calculations at the click of a button.

Bussiness Values

60+ man-days saved

Every single time a new product is launched our system goes a step further and builds APIs as well for other possible integration requirements.

Increased business

Faster product launch gives larger window for distribution of products resulting in more sales.

Empowered relationships

APIs help you empower distributors and partners with capability to service policies on their platform.

Advantage over competition

Speed of execution, ease of integration helps to be ahead every single time. It can be extremely useful in acquiring new relationships as well.

Thorough audit

It can also act as a full proof, automated audit tool to check every single calculation for already exiting rules.

Platform Capabilities

Configurable front-end panel

Intuitive front end panels which can be used even by functional experts to configure product features and rules.

Dynamically create APIs for each function or activity

Each event in the lifecycle of a policy is created as a new function for which APIs are dynamically generated along with configuration.

Handles in-force, lapse, paid-up rules as well

Rule engine is built to handle all possible variations in rules resulting from policy lapsation and subsequent revival.

Supports all product lines

Various product platforms have completely different features and calculation requirement. We have already provided for such variations.

In-built functions and keyword – Almost no coding required

Application is built with intelligence to configure product through simple clicks and using inbuilt functions. It is as easy as using an excel.

Create custom batches

For each event or calculation batches can be created for mass calculation.

Interested to know more ?

Let us meet and explore

Schedule a demo