Toronto-based Camilion Solutions has launched ProductAuthority version 6.7, the newest version of its product development and management solution, the company announced today at the ISOTECH 2009 insurance technology conference in Lake Buena Vista, Fla.
The latest version of ProductAuthority features enhanced concurrent product development and compliance capabilities that could enable insurers to bring compliant products to market faster, easier and more cost-effectively, according to a press release.
ProductAuthority 6.7 leverages ISO data and allows insurers to centralize all product information in a product repository and audit product development processes to ensure regulatory compliance. The solution powers Authority Suite, a rules and tools-based P&C policy administration system that supports all ISO and non-ISO lines of business.
Authority Suite users can use ProductAuthority's lifecycle manager functionality to collaboratively manage the product development process including insurer-specific ISO product deviations, Camilion says. In addition, the latest version provides carriers with support for multi-location, multi-stream concurrent product configuration, enabling geographically-dispersed product development and IT teams to work together more efficiently.
"The ability to concurrently develop and modify products enables insurers to quickly respond to changing market conditions with the right products at the right time, and significantly enhance revenue," Ross Orrett, president and CEO, Camilion Solutions, said in the press release.
ProductAuthority version 6.7 also includes enhanced audit capabilities to help ensure compliance with Department of Insurance (DOI) and Sarbanes-Oxley (SOX) regulatory requirements. In addition to Oracle database support, ProductAuthority is now supported on the IBM DB2 database.