Nvest Solution

Product Rule-Engine For Policy Servicing

System built to handle all the complexity of features and calculations of an insurance product.

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Overview

Insurance products are increasingly becoming complex with additional features and benefits. Configuration of such rules takes a long time and sometimes activities are even pushed to later days due to paucity of resources and time.

Our rule engine is built to solve various such issues a company faces. The rule engine is built such that any new product can be configured within 2-3 days. Moreover, all the calculations and rules are defined at event level hence one can choose to configure only a limited set of rules or all the rules as well

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

Key Differentiators

Configure any new product within 2-3 days

Product rule configuration for new business and policy servicing is a big activity and takes several man-days. Our system has configurable panels to handle all the activities within 2-3 man-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 be used as an audit tool as well

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.

Functional experts can use – Increased efficiency

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

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