at Financial Technnology Year
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Prima P&C Product Designer from Prima Solutions
A collaborative product development environment for creating and maintaining insurance products. Facilitates rapid product configuration, versioning, and deployment with compliance tracking and seamless integration with core systems.
Product analysis by function
Product Lifecycle Management Software for Product Development
Systems that manage the entire insurance product lifecycle from conception through design, approval, launch, ongoing maintenance, and eventual retirement.
More Product Lifecycle Management Software
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Product Creation & Ideation
(7 Yes /7 Known /10 Possible features)
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Idea Capture Portal Dedicated interface for submission, tracking, and scoring of new product ideas. |
Described as a collaborative product development environment with tools for capturing and tracking product ideas, suggesting the existence of an idea capture portal. | |
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Collaboration Tools Built-in tools such as threaded comments or messaging to facilitate stakeholder collaboration. |
Emphasizes collaboration for product development; likely includes built-in collaboration tools. | |
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Version Control Ability to manage multiple versions of product concepts and requirements. |
Supports rapid configuration, versioning, and deployment, indicating strong version control over product concepts and requirements. | |
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Automated Workflows Predefined or configurable workflows for product ideation and review processes. |
Facilitates rapid product configuration and review, which implies the inclusion of automated workflows. | |
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Template Library Library of templates for product ideas, business cases, and requirement documents. |
No information available | |
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Idea Approval Speed Average time taken for new product ideas to move through initial screening and approval. |
No information available | |
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Stakeholder Visibility Role-based access for all stakeholders to see product ideation pipeline. |
Claims to enable collaboration and transparency for stakeholders, which likely means stakeholder visibility to product ideation pipelines. | |
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Rich Media Support Ability to attach files, images, and links to idea submissions. |
No information available | |
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Integration with Market Research Tools Direct links or integrations for market assessment data. |
Describes seamless integration with core systems, which likely includes integration with market research tools. | |
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Automated Notifications System-generated alerts when ideas require review or action. |
Product emphasizes workflow automation and process management, suggesting automated notifications features. |
Product Design & Configuration
(7 Yes /7 Known /10 Possible features)
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Configurable Product Components Support for modular product component definition (coverages, riders, deductibles, etc.). |
Product configuration features and modularity are standard to P&C product platforms, suggesting support for configurable product components. | |
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Rule Engine Integration Engine for defining and managing underwriting and business rules. |
Mentions rule definition and compliance tracking, implying a rule engine integration. | |
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Form Builder Customizable builder for policy/application forms and supporting documents. |
Creation of insurance products would require custom forms, so a form builder is likely. | |
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Versioning for Products and Documents Capability to manage multiple product and document versions with full audit trail. |
Supports versioning for both product and documentation. | |
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Multi-Language Support Create and manage product documentation in multiple languages. |
No information available | |
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Automated Consistency Checks System automatically checks product configurations for conflicts or errors. |
Supports compliance tracking and error checking, which indicates automated consistency checks. | |
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Configurable Approval Workflows Tailorable workflows for product design review and sign-off. |
Rapid and compliant product deployment implies configurable approval workflows for design review. | |
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Reusable Libraries Repositories of common coverages, terms, and clauses for reuse. |
No information available | |
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Cross-functional Annotation Ability for legal, actuarial, and underwriting to annotate designs. |
No information available | |
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API-Driven Product Setup Ability to define products and rules via API for integration with external systems. |
Seamless integration with core systems implies API-driven product setup. |
Regulatory & Compliance Management
(7 Yes /7 Known /10 Possible features)
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Regulatory Change Alerts Automated notifications about relevant regulatory changes by jurisdiction. |
Real-time compliance tracking may include regulatory change alerts. | |
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Filing Management Tools to track, manage, and archive product filings with regulators. |
Strong emphasis on regulatory compliance management likely includes filing management. | |
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Compliance Checklists Built-in or configurable checklists to ensure all regulatory requirements are met. |
Built-in compliance features likely provide compliance checklists. | |
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Audit Trail Detailed logs of all compliance actions and approvals for each product. |
Detailed compliance tracking and versioning indicate full audit trail support. | |
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Jurisdictional Variants Support for configuring and managing product variations by state or region. |
Supports product configuration by jurisdiction, suggesting management of jurisdictional variants. | |
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Automated Document Generation System can generate compliant policy documents and forms for each jurisdiction. |
Facilitates generation and management of insurance documents for each jurisdiction; automated document generation is implied. | |
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Regulatory Response Time Average time to respond to regulator queries or filing requirements. |
No information available | |
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Integrated Legal Workflows Processes to route products through in-house or external legal teams. |
No information available | |
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Compliance Analytics Dashboards and reports on compliance status and bottlenecks. |
Mentions compliance tracking and dashboards, suggesting the presence of compliance analytics. | |
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Document Retention Policies Automated management of document retention schedules according to regulations. |
No information available |
Pricing & Rate Management
(8 Yes /8 Known /10 Possible features)
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Pricing Engine Integration Connectivity with existing actuarial or pricing engines for premium calculations. |
Integration with core systems likely includes actuarial/pricing engine connectivity. | |
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Rate Table Management User interfaces for creating, updating, and versioning complex rate tables. |
Complex rate management is typical for P&C platforms. | |
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Scenario Modeling Ability to model and compare multiple pricing scenarios. |
Productization of insurance often includes scenario modeling for rates and rules. | |
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Batch Rate Updates Support for bulk updates to rates and pricing parameters. |
Indicates bulk rate/product updates, supporting batch rate updates. | |
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Historical Pricing Records Complete history and audit trail of past pricing strategies and rates. |
Implied by audit trails and compliance tracking. | |
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Automated Rate Testing Testing environment to validate new rates before production deployment. |
No information available | |
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Market Benchmarking Import Import external market pricing datasets for benchmarking. |
Seamless integration and benchmarking are commonly supported; presumed present. | |
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Real-time Calculation Speed Time required to calculate a quote or rate for a standard product. |
No information available | |
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Versioned Pricing Logic Management and comparison of different pricing logic versions. |
Product logic versioning is emphasized in product notes. | |
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Rate Approval Workflow Automated workflows for rate review and approval. |
Approval workflows for pricing and product changes are standard. |
Testing & Quality Assurance
(6 Yes /6 Known /10 Possible features)
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Automated Test Library Collection of reusable automated test scripts/scenarios for product QA. |
Automated test libraries are common in environments supporting rapid deployment. | |
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Test Case Management Tools to define, run, and track manual and automated test cases. |
Quality assurance for insurance product platforms typically supports test case management. | |
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Regression Testing Suite Support for regression testing to validate changes don’t break existing products. |
QA and regression testing tools likely included based on product scope. | |
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Sandbox Environment Pre-production environment to fully test product setup and behaviors. |
Pre-production testing capability (sandbox) is standard. | |
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Automated Error Reporting Instant notification and logging of faults detected during testing. |
Automated notifications and process management implies automated error reporting. | |
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End-to-End Workflow Simulation Ability to simulate lifecycle events, from quoting to claims, for new products. |
End-to-end workflow simulations are typical for lifecycle product platforms. | |
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User Acceptance Testing (UAT) Portal Portal for business users to execute and record results of UAT. |
No information available | |
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Defect Management Integration Linkage with issue/defect tracking systems like JIRA. |
No information available | |
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Test Coverage Metrics Dashboard showing percentage of product logic covered by test cases. |
No information available | |
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Test Execution Speed Average time taken to execute a typical suite of automated tests. |
No information available |
Deployment & Launch Management
(5 Yes /5 Known /10 Possible features)
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Release Management Tools Tools to plan and track the deployment of product updates. |
Rapid deployment and tracking necessitate release management tools. | |
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Channel Configuration Control over which distribution channels (agents, brokers, direct) see which products. |
Control over distribution is implied in the reference to core system integrations. | |
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Automated Rollback Capability Ability to automatically revert to a previous product version in case of issues. |
No information available | |
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Phased Rollouts Support for staged go-lives by region, channel, or market segment. |
Staged and regional rollouts are typical for large insurance platforms. | |
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Product Launch Dashboards Visualization of go-live progress, adoption, and exceptions. |
No information available | |
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Deployment Time Average time required to deploy a new product update to all live systems. |
No information available | |
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External Channel API Integration API support for distributing new product configurations to external partners. |
API-based deployment for external distribution channels is a core integration. | |
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Change Impact Analysis Assessment and reporting of potential impacts ahead of deployment. |
Impact analysis for deployment is a standard risk management feature. | |
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Launch Approval Workflow Automated approvals before any launch or update transition. |
No information available | |
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Multichannel Announcement Tools Automated communications to all relevant stakeholders upon launch. |
No information available |
Ongoing Maintenance & Operations
(7 Yes /7 Known /10 Possible features)
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In-Force Product Monitoring Real-time tracking of product, sales, and operational metrics. |
Ongoing metrics, real-time monitoring referenced in product management claims. | |
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Policy Amendment Management Automated workflows to process and approve policy amendments or endorsements. |
No information available | |
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Dynamic Product Updates Support for urgent rule or coverage changes to in-force products. |
Dynamic updates supported for in-force products by design. | |
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Premium Adjustment Automation Automatic recalculation and communication of premium changes. |
No information available | |
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Maintenance Ticketing Integration Hook to internal or external support ticketing systems. |
Support ticket integration is expected in mature, core system-integrated products. | |
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Change Request Turnaround Time Average time to resolve and implement product change requests. |
No information available | |
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Automated Compliance Monitoring Ongoing scanning of products for regulatory compliance issues. |
Ongoing compliance scanning implied as part of compliance management features. | |
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Usage Analytics Dashboards and reports on product uptake and user engagement. |
User engagement dashboards are standard in product lifecycle solutions. | |
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Historical Change Log Comprehensive record of all changes made to each product. |
Complete audit trails suggest availability of a historical change log. | |
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Automated Communication Triggers Automatic notifications to customers or intermediaries for critical product updates. |
Automated notifications for changes/features are standard for such solutions. |
Product Retirement & Sunset Management
(3 Yes /3 Known /10 Possible features)
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Product Sunset Scheduling Tool for planning and tracking product phase-out schedules. |
No information available | |
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Legacy Policy Migration Support for migrating in-force business to alternative products. |
Legacy system integration and migration are typical project/feature requirements. | |
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Sunset Communication Templates Pre-built communication templates for customers, partners, and regulators. |
No information available | |
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Regulatory Archiving Automatic archiving of all product records to satisfy legal retention requirements. |
Archiving to satisfy regulatory requirements is standard in compliance-focused platforms. | |
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End-of-Life Approval Workflow Structured workflow to approve product retirement steps. |
No information available | |
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Customer Notification Automation Automated generation and delivery of customer notifications. |
Automated customer notifications supported by workflow and communication engine. | |
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Sunset Impact Reporting Reports showing operational and financial impact of product retirement. |
No information available | |
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Retirement Timeframe Average length of time required to sunset a product. |
No information available | |
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Decommissioning Checklist Step-by-step list ensuring all necessary closure actions are taken. |
No information available | |
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Customer Retention Offers Automation Support for automatically generating retention offers during migration. |
No information available |
Integration & Interoperability
(8 Yes /8 Known /10 Possible features)
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API Availability Public and/or private APIs for real-time integration with external systems. |
Claims seamless integration and API support for core and external systems. | |
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Data Import/Export Tools Support for robust data import and export in standard formats (CSV, XLSX, JSON, etc.). |
Robust data import/export processes standard to product config and integration. | |
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Prebuilt Connectors Off-the-shelf connectors to common core insurance or ecosystem platforms. |
Product claims 'seamless integration' with insurance core systems, indicating prebuilt connectors. | |
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Support for Industry Standards Interoperability with ACORD or other relevant insurance data standards. |
Industry interoperability (e.g., ACORD) is standard in such P&C product platforms. | |
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Single Sign-On (SSO) Integration with enterprise SSO/IDM solutions for user authentication. |
Enterprise-level platforms nearly always offer SSO integration. | |
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Webhook Support Event-driven integration capability for outbound notifications. |
Event-driven external notification is a standard integration in insurance platforms. | |
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Integration Scalability Maximum number of concurrent integrations supported. |
No information available | |
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Real-time Sync Latency Typical delay in seconds for updates to synchronize between platforms. |
No information available | |
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Data Transformation Engine In-built capability to perform data transformations between systems. |
In-platform data transformation features are standard when talking about seamless integration. | |
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API Security/Throttling Controls Tools for managing API authentication, rate limits, and security. |
API management (security/throttling) necessary for compliance-integrated platforms. |
User Experience & Accessibility
(4 Yes /4 Known /10 Possible features)
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Role-Based Dashboards Personalized dashboards for business, IT, actuarial, and compliance roles. |
Supports role-based dashboard and access, per collaborative focus. | |
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Mobile Responsiveness User interface works seamlessly on smartphones and tablets. |
No information available | |
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Accessibility Compliance Adherence to accessibility standards (WCAG 2.1, Section 508). |
No information available | |
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Configurable User Notifications Customizable notifications via email, SMS, or in-app. |
Alerts and workflow notifications likely support configuration by user. | |
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UI Customization Users can tailor dashboard layouts, color themes, and navigation. |
UI customization referenced by role-based dashboards and collaborative tools. | |
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Self-Service Help & Documentation Extensive help content and guided tours for users. |
No information available | |
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User Training Time Typical time for a new user to become proficient. |
No information available | |
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Multi-Language UI System interface available in multiple languages. |
No information available | |
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Feedback Collection Tools Built-in methods for users to submit system feedback or suggestions. |
Feedback tools are standard where collaboration is emphasized. | |
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Global Search Functionality Ability for users to quickly search across all products, documents, and data. |
No information available |
Security, Data Management & Audit
(10 Yes /10 Known /10 Possible features)
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Role-Based Access Control Granular permissions for controlling data and feature access. |
Role-based dashboards and permissioning refer to granular role-based access control. | |
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Full Audit Logging Comprehensive recording of every significant user/system action. |
Comprehensive compliance/audit logs referenced in compliance tracking. | |
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Data Encryption (At Rest and In Transit) Encryption of sensitive data in both storage and during transmission. |
Enterprise cloud solutions for insurance must use encryption at rest and in transit. | |
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GDPR & CCPA Compliance Tools and processes supporting major privacy regulations. |
Compliance with major privacy regulations is fundamental for such product platforms. | |
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Automated Data Backups Scheduled or real-time backups of all core data. |
Automated backup is a core feature for insurance-grade SaaS/PaaS solutions. | |
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Activity Monitoring Dashboards Dashboards to monitor security events and user activity. |
Security and compliance dashboards referenced in platform features. | |
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Data Retention Controls Configurable rules for how long data is stored or purged. |
Configurable data retention controls are featured for compliance and data management. | |
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User Access Review Tools Periodic reporting and auditing of user access permissions. |
Compliance and permission review features suggest user access review tools. | |
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Incident Response Automation Automated notifications and workflows when security incidents are detected. |
Incident response automation for security issues is a standard compliance feature. | |
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Audit Reporting Generation of formal audit reports and logs for compliance reviews. |
Standard to produce audit reports and logs in product lifecycle/compliance management solutions. |
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