Camilion Solutions (Toronto) announced the availability of a new insurance product lifecycle management functionality that is now available out of the box with the vendor's ProductAuthority and Authority Suite solutions. Called Lifecycle Manager, this functionality enhances the functionality of ProductAuthority, an insurance product development solution, which also powers Authority Suite. Lifecycle Manager gives insurers visibility into the processes that track and manage key tasks and participants involved in product development and management to reduce product development costs, eliminate bottlenecks to improve speed to market, deliver quality products, and increase revenue by enabling concurrent development and modification of products. Lifecycle Manager's capabilities were developed in partnership with Chicago-based CNA Insurance.
Lifecycle Manager is a Web-based "desktop" that includes automated, collaborative workflows; a product catalog that houses that a single "version of the truth" for every product; product-compare capabilities that enable the identification of key features for re-use or modification across multiple products; and the ability to test products before they are integrated into downstream systems such as billing, claims and print. Lifecycle Manager workflows support processes related to launching new and modified products, including forms drafting and review; state filing package creation and review; and state (DOI) filing management.
"With Lifecycle Manager, CNA's users now have a clearer understanding of their role in the product development process, using the workflows as a way to escape the ambiguity of the 'the e-mail world,' and have better visibility into the overall process," said Ross Orrett, president and CEO, Camilion, in a statement. "This automation is going to inform and enlighten all of their key stakeholders in product development about the real costs in time, effort and dollars of each step in the process. Lifecycle Manager provides the visibility CNA needs to accurately measure their success and a framework for driving continual refinements in their product-development process and products." CNA expects to shorten its 54- to 100-day delivery times to 15 to 60 days, according to Camilion.
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio